Morrisons share price: Grocer names new CEO

Wm. Morrison Supermarkets (LON:MRW) today named former Tesco (LON:TSCO) director David Potts as the company’s new chief executive officer.

**Highlights from the company’s statement:**
The appointment follows a thorough selection process, both in the UK and overseas. David will join the Company on 16 March 2015.

David, who is 57, has more than 40 years’ experience in grocery retailing. He began his career with Tesco in 1973 and rose to become Retail Director in the UK and CEO of its Irish businesses. He subsequently became CEO of its Asian business. Since leaving Tesco in 2011 he has acted as a retail expert to several international advisory and private equity businesses.

Andrew Higginson, Chairman of Morrisons, said: “I am delighted to welcome David as our new CEO. David is the best retailer I have worked with in 25 years in the industry. Having worked alongside him for 15 years, I know he will bring to Morrisons a focus on the customer, a track record of delivery, flair, talent, and immense energy to his new role. He will lead our colleagues in the business from the front, and with distinction.”

“David’s skills are complementary to those of our excellent CFO, Trevor Strain, and I believe we have the makings of a good team. I would like to thank Trevor for his support over the last few weeks.”

David Potts said: “Customers and Morrisons are a great combination to serve. This is a great British business with real potential and it is an honour to have been selected.”
**More to follow…**
As of 07:22 GMT, Wednesday, 25 February, Wm. Morrison Supermarkets plc share price is 191.80p.