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\/\/<\/span> According to City sources, Tesco managing director Jason Tarry identified himself as a possible replacement for Morrisons boss David Potts<\/h6>\n\/\/ <\/span>According to one source, an announcement on Potts\u2019 replacement could be \u2018imminent\u2019<\/h6>\nTesco executive Jason Tarry has been identified as a possible replacement for Morrisons boss David Potts, according to City sources, This Is Money reports.<\/p>\n
The US private equity firm that owns Morrisons, Clayton Dubilier & Rice (CD&R), is using headhunter Egon Zehnder to find candidates for a number of senior positions at the supermarket.<\/p>\n
That includes finding a replacement for chief operating officer Trevor Strain, who left last year after 13 years at the business.<\/p>\n
Sources said a number of candidates have also been singled out as potential chief executives, including some who have already been approached by the headhunters.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nAccording to one source, an announcement on Potts\u2019 replacement could be \u2018imminent,\u2019 though the length of executive contracts means it could take up to a year to instal a new boss.<\/p>\n
Tesco, the UK\u2019s biggest grocer, has Tarry as its chief commercial officer. Potts, who turns 66 in March, is a coworker he has had in the past. He was also a coworker of Sir Terry Leahy, chairman of Morrisons, who oversaw Tesco until 2011.<\/p>\n
Since being acquired by private equity firm CD&R in 2021, Morrisons has come under pressure because its sales growth has lagged behind those of competitors.<\/p>\n
The Bradford-based supermarket, which was once the UK\u2019s fourth biggest, was the only major player except Waitrose to see sales drop in the last three months.<\/p>\n
The\u00a0grocer\u00a0reported a 15% drop in full-year profits to \u00a3828m for the 52 weeks ending October 30, 2022.<\/p>\n
Critics say CD&R has loaded too much debt onto Morrisons. They fear it may struggle to meet interest payments as the base rate rises and that it may be forced to sell off property to raise cash.<\/p>\n
Back in January, Potts said that last year was \u2018one of transition\u2019 and he expected the company\u2019s performance to improve.<\/p>\n
Tesco executive Jason Tarry has been identified as a possible replacement for Morrisons boss David Potts, according to City sources, This Is Money reports.<\/p>\n
The US private equity firm that owns Morrisons, Clayton Dubilier & Rice (CD&R), is using headhunter Egon Zehnder to find candidates for a number of senior positions at the supermarket.<\/p>\n
That includes finding a replacement for chief operating officer Trevor Strain, who left last year after 13 years at the business.<\/p>\n
Sources said a number of candidates have also been singled out as potential chief executives, including some who have already been approached by the headhunters.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nAccording to one source, an announcement on Potts\u2019 replacement could be \u2018imminent,\u2019 though the length of executive contracts means it could take up to a year to instal a new boss.<\/p>\n
Tesco, the UK\u2019s biggest grocer, has Tarry as its chief commercial officer. Potts, who turns 66 in March, is a coworker he has had in the past. He was also a coworker of Sir Terry Leahy, chairman of Morrisons, who oversaw Tesco until 2011.<\/p>\n
Since being acquired by private equity firm CD&R in 2021, Morrisons has come under pressure because its sales growth has lagged behind those of competitors.<\/p>\n
The Bradford-based supermarket, which was once the UK\u2019s fourth biggest, was the only major player except Waitrose to see sales drop in the last three months.<\/p>\n
The\u00a0grocer\u00a0reported a 15% drop in full-year profits to \u00a3828m for the 52 weeks ending October 30, 2022.<\/p>\n
Critics say CD&R has loaded too much debt onto Morrisons. They fear it may struggle to meet interest payments as the base rate rises and that it may be forced to sell off property to raise cash.<\/p>\n
Back in January, Potts said that last year was \u2018one of transition\u2019 and he expected the company\u2019s performance to improve.<\/p>\n
According to one source, an announcement on Potts\u2019 replacement could be \u2018imminent,\u2019 though the length of executive contracts means it could take up to a year to instal a new boss.<\/p>\n
Tesco, the UK\u2019s biggest grocer, has Tarry as its chief commercial officer. Potts, who turns 66 in March, is a coworker he has had in the past. He was also a coworker of Sir Terry Leahy, chairman of Morrisons, who oversaw Tesco until 2011.<\/p>\n
Since being acquired by private equity firm CD&R in 2021, Morrisons has come under pressure because its sales growth has lagged behind those of competitors.<\/p>\n
The Bradford-based supermarket, which was once the UK\u2019s fourth biggest, was the only major player except Waitrose to see sales drop in the last three months.<\/p>\n
The\u00a0grocer\u00a0reported a 15% drop in full-year profits to \u00a3828m for the 52 weeks ending October 30, 2022.<\/p>\n
Critics say CD&R has loaded too much debt onto Morrisons. They fear it may struggle to meet interest payments as the base rate rises and that it may be forced to sell off property to raise cash.<\/p>\n
Back in January, Potts said that last year was \u2018one of transition\u2019 and he expected the company\u2019s performance to improve.<\/p>\n