Connect with us

Привет, что-то ищете?

The Times On Ru
  1. The Times On RU
  2. /
  3. Бизнес
  4. /
  5. Morrisons boss replaced by former Carrefour boss

Бизнес

Morrisons boss replaced by former Carrefour boss

David Potts is stepping down after eight years as chief executive of the supermarket chain. Photo: Mikael Buck/Morrisons/Academy

The boss of Morrisons is stepping down as the supermarket giant grapples with debt problems following a highly leveraged buyout in 2021.

David Potts, who served as chief executive director of Morrisons since 2015, will be replaced by Rami Baytier, former head of retail chain Carrefour France, November.

It was previously reported that Mr Potts was expected to remain in this position until at least 2024.

The retailer's finances have come under pressure in the past year due to rising borrowing costs caused by higher interest rates.

Morrisons was taken over by private equity firm Clayton, Dubilier & Rice (CD&R) in 2021 in a deal that left the supermarket with a pile of debt of £5.9 billion.

In February, credit ratings agency Moody's cut its outlook on Morrisons from «stable» to «negative», making it more difficult for the company to borrow money in the future.

The supermarket also lost its title as the UK's fourth largest supermarket. Aldi's biggest supermarket this year as shoppers squeezed by the cost of living crisis sought cheaper groceries.

Sir Terry Leahy, former Tesco chief executive and CD&R senior adviser, said: «Rami is exceptionally talented and very capable a leader with extensive driving experience wherever he works.

«Rami will bring energy, innovation and dedication to expanding Morrisons' loyalty programs and digital reach, while ensuring the company's long-standing heritage of quality and mission of delivering value to customers is maintained.

 “I would also like to thank David for nine years of dedicated service to Morrisons and our customers. It's a bittersweet goodbye for me because I've known and worked with David for decades, but I'm excited to see his next adventure begin.»

Rami Baytier, former head of retail chain Carrefour France, will replace Potts. Credit: Social Network X

In the three months to July, Morrisons said sales excluding fuel jumped 3% to £3.8bn

Mr Potts said:  “Our higher prices and the new loyalty scheme are strongly resonating with customers and I am pleased to report our fifth consecutive quarter of improved like-for-like sales.”

He added: “Terry and I have discussed succession several times since the 2021 buyout.

“We had a clear understanding that I was ready to devote several more years to Morrisons. if it were necessary, but if an outstanding successor was identified who could lead Morrisons in the long term, I would resign.»

Mr Baytier, who was born in Lebanon and moved to France, to study at university. , spent most of his career at Carrefour, where he oversaw its operations in Taiwan and Argentina, before becoming CEO of Carrefour France in 2020.

Оставить комментарий

Leave a Reply

Ваш адрес email не будет опубликован. Обязательные поля помечены *

Стоит Посмотреть

Новости По Дате

Сентябрь 2023
Пн Вт Ср Чт Пт Сб Вс
 123
45678910
11121314151617
18192021222324
252627282930  

Вам может быть интересно:

Спорт

Дзен Соревнования по триатлону Ironman в Барселоне закончились трагедией. Елена Смирнова, спортсменка из Санкт-Петербурга, не смогла дойти до финиша и погибла. Подробности ужасающей истории...

Бизнес

К концу сентября соотношение спроса и предложения на операции валютного свопа юаня на финансовом рынке начало стабилизироваться. Этого удалось добиться благодаря повышению процентных ставок...

Бизнес

В третьем квартале 2024 года более 70% особо критических киберинцидентов были связаны с компрометацией учетных записей сотрудников. По данным центра противодействия кибератакам Solar JSOC...

Общество

ZenЯКУТСК, 9 окт. Врачи в Якутии сделали все возможное, чтобы спасти девочку, на которую напала стая собак в селе Чульман, но она скончалась от...