Morrisons share price: Grocer brings new director on board

Wm Morrison Supermarkets (LON:MRW) has appointed SABMillier’s former chairman Tony van Kralingen as a non-executive director and chair of its remuneration committee, the blue-chip grocer has said. The move comes after the blue-chip grocer recently suffered a shareholder rebellion over pay.

Morrisons’ share price has been subdued in London this morning, having shed 0.67 percent to 238.80p as of 09:30 BST, slightly underperforming the broader UK market, with the benchmark FTSE 100 index currently 0.06 percent lower at 7,332.94 points. The group’s shares have added just under 37 percent to their value over the past year, and are up by more than three percent in the year-to-date.
Morrisons announced in a statement this morning that it had appointed Tony van Kralingen as Non-Executive Director and Chair of the group’s Remuneration Committee, with effect from September 1. Van Kralingen is currently Chair of Crown Commercial Services, a trading fund in the British Government. His previous roles include various positions, including chairman, at SABMillier, before the company was bought by Anheuser-Busch InBev last year.

“I am delighted to welcome Tony. He brings his very broad experience in the drinks industry across a number of disciplines including human resources, marketing, supply chain and manufacturing. He will be an important addition to our board,” Morrisons’ chairman Andrew Higginson commented in the statement.
The news comes after the FTSE 100 group recently suffered a shareholder revolt, with 48.11 percent of voters rejecting the group’s remuneration report at the company’s annual general meeting.
The 16 analysts offering 12-month price targets for Morrisons for the Financial Times have a median target of 225.00p on the shares, with a high estimate of 275.00p and a low estimate of 170.00p. As of June 30, the consensus forecast amongst 21 polled investment analysts covering the blue-chip group advises investors to hold their position in the company.
As of 09:48 BST, Friday, 07 July, Wm. Morrison Supermarkets plc share price is 238.60p.