Sainsbury's CEO Mike Coupe to retire
Mike Coupe is to retire after six years as Sainsbury’s CEO and fifteen years working for Sainsbury’s.
Coupe confirmed his intention to retire later this year, now confirming he will continue in his role as Chief Executive Officer until the end of May 2020.
Chairman Martin Scicluna and the Nomination Committee, led a thorough search process and assisted by external headhunters, which included both internal and external candidates. The Board have agreed to appoint Retail and Operations Director Simon Roberts as Coupe's successor. Roberts will start as Chief Executive Officer from 1 June 2020 with an annual salary of £875,000.
Coupe will remain a Director from 1 June until the AGM on 2 July 2020, at which point he will retire completely from the company.
Martin Scicluna, Chairman, said: "Mike is an exceptional Chief Executive. His knowledge and understanding of the retail sector and customer behaviour is second to none. Mike has been bold and ambitious on behalf of our shareholders, customers and our colleagues. Investing heavily in convenience, online and our digital capability, selling Sainsbury’s pharmacy business and acquiring Argos and Nectar have all been sound strategic moves. These set us up well as we come together to create one multi brand, multi channel business for our customers."
"I am delighted to be able to confirm Simon Roberts as Mike’s successor. Simon has been extremely effective during his three years at Sainsbury’s, leading our store teams through great change in that time," he added.
Mike Coupe, departing CEO said: "I feel very privileged to have spent almost six years running Sainsbury’s, in a period that has been the most challenging and competitive of my 35 year career in retail. I am proud that almost 20% of our total sales now come from our online channels and that we are becoming one multi brand, multi channel business, able to continue to evolve and adapt with customers’ ever changing needs."