Morrisons share price: CFO to take on commercial responsibilities

Trevor Strain becomes group Chief Finance & Commercial Officer

Morrisons share price: CFO to take on commercial responsibilities

Wm Morrison Supermarkets’ (LON:MRW) chief financial officer is taking on additional commercial responsibilities, the blue-chip grocer has said. In a separate development, the latest industry data showed that the UK supermarket had grown sales 2.4 percent in the 12 weeks ended October 7.

Morrisons’ share price has slipped into the red in today’s session, having given up 0.22 percent to 247.80p as of 13:33 BST. The stock is underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.12 percent higher at 7,068.32 points. The group’s shares have added just under eight percent to their value over the past year, as compared with about a six-percent dip in the Footsie.

CFO takes on additional responsibilities

Morrisons announced in a statement today that its finance boss will assume the additional responsibilities of Group Commercial Director with immediate effect, and become Group Chief Finance & Commercial Officer. He is taking over from Darren Blackhurst, who is moving to a projects role reporting to the CEO.

“Trevor has played, and continues to play, a critical part in the ongoing turnaround of Morrisons and his responsibilities are already significantly wider than those of the traditional CFO, including our property and online operations,” the grocer’s chief executive David Potts commented in the statement, adding that now was ‘the right time’ for him to take on the “responsibilities of commercial director where he has already been increasingly involved”.

Latest Kantar Worldpanel numbers

In other Morrisons news, Kantar Worldpanel announced yesterday that sales at the blue-chip grocer had climbed 2.4 percent over the past 12 weeks. The FTSE 100 group generated growth by selling more branded items, while cutting back on promotions faster than any other retailer.

As of 13:58 BST, Wednesday, 17 October, Wm. Morrison Supermarkets plc share price is 247.80p.

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