Morrisons, the UK supermarket chain, announced on Wednesday that its current CEO David Potts will be stepping down in November after nine years in the role. His successor will be Rami Baitiéh, the former head of Carrefour (EPA:CARR) France. The transition comes over a year after the US private equity firm Clayton, Dubilier & Rice (CD&R) completed a £7 billion (GBP1 = USD1.2140) takeover of Morrisons following a fierce bidding war.
Baitiéh expressed his honor at taking up the leadership role and acknowledged Morrisons' unique position for growth in the coming years. He emphasized his intention to strengthen the company's connection with its loyal customers and the communities where it operates. CD&R’s senior adviser Sir Terry Leahy described Baitiéh as “an exceptionally talented and highly capable leader with a strong track record of driving performance”.
David Potts, who led Morrisons into private equity ownership, referred to his tenure as "the privilege of my working life". He praised his successor and revealed that he had discussed succession plans with Leahy since the buyout in 2021. Potts plans to take a short break before seeking further ways to contribute to business and the UK's economic recovery from the pandemic.
Leahy also lauded Potts for his dedicated service to Morrisons, highlighting his successful navigation through several challenges including the COVID pandemic and cost-of-living crisis. According to Leahy, Potts leaves the company poised for growth despite its recent financial struggles.
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