The City roundup video: Will Morrisons appointment of David Potts help fend off Sir Ken?

Video: Alex Lawson provides a run-down of the day's major news from the City

Click to follow
The Independent Online

Don't miss out on the goings on in the business world, with our daily round-up of the biggest news from the City.

So Morrisons, or rather chairman Andy Higginson, has their man. David Potts has officially been named the struggling supermarket’s new boss, replacing Dalton Philips.

Potts started work in Tesco stacking shelves in 1973, following in the footsteps of former boss Sir Terry Leahy who rose through the ranks to lead Britain’s largest retailer. He worked alongside Higginson for 15 years, as retail director in the UK and leading Tesco’s expansion across Asia. With Morrisons, Potts’ job will be far closer to home. He has to roll up his sleeves to re-engage with shoppers in its northern heartland disenfranchised by its rush to engage with younger, trendier shoppers who put quinoa above cash in their priorities.

The 57-year-old Potts may be in this one for the short haul. Morrisons is a struggling company but not a fundamentally broken one. With some tinkering to its prices to compete with Aldi and Lidl and some further expansion in the south through small stores and online he can makes some easy wins pretty quickly.

In terms of the media focus, Potts’ experience, alongside Higginson’s, will help keep Sir Ken Morrison at bay. The man who ran the supermarket for 40 years was a harsh critic of previous incumbent Dalton Philips’.