Morrisons searching for new CEO following takeover

British supermarket Morrisons is reportedly looking for a new CEO following a takeover worth £7 billion last October by private equity firm Clayton, Dubilier & Rice (CD&R).

Morrisons current Chief Executive David Potts has signalled his intent to stand down within two years. CD&R is said to have started looking for a replacement in the end of last year, engaging headhunters from Skill Capital.

Potts has been with Morrisons since 2015 after working at grocer Tesco for 39 years. Morrisons current COO Trevor Strain is said to be a potential replacement candidate.

Potts invested heavily in Morrisons' clothing line Nutmeg, making it available online and opening a standalone concept store in Bolosover, Derbyshire in 2020. In October 2021 the Nutmeg range was also made available in its new Kirkby store alongside homewear.

Nutmeg was launched in 2013 with childrenswear and later added clothing for adults. It is now a top 10 childrenswear brand in the UK.