Morrisons' new owners start CEO search
Morrisons has begun looking for a new chief executive on news that current incumbent David Potts plans to stand down. But the company has plenty of time with Potts not likely to leave for another two years.
His replacement could be crucial for the future of the Nutmeg clothing and homewares brand that the supermarkets retailer owns. Under Potts, the company has invested heavily in the label, starting with a softly-softly launch, it's now available online as well as in stores and it even opened a dedicated Nutmeg store in July 2020.
The company was recently taken over by private equity firm Clayton, Dubilier & Rice (CD&R) which has taken on headhunters from Skill Capital to find a replacement for the highly respected Potts. He’s been in the driving seat since 2015.
The prompt move to plan for his successor should see the retailer avoiding the issue that arose at Asda when it was brought by private equity last year. Its CEO Roger Burnley left in August and it remains without a top executive.
There has been speculation about who might take over from Potts with The Times reporting that the leading internal candidate is COO Trevor Strain. But neither Morrisons nor CD&R have commented.
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