J Sainsbury (LON:SBRY) has appointed Williams & Glyn’s former chief executive to head its banking division, the blue-chip supermarket has said. The update follows the FTSE 100 company’s full-year results last month, which showed a rise in underlying profit and lower net debt, and came after the Competition and Markets Authority blocked the grocer’s proposed deal with Walmart’s Asda.
Sainsbury’s share price has been steady in London this morning, having inched 0.18 percent higher to 199.20p as of 09:03 BST. The stock is marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.44 percent higher at 7,408.26 points. The group’s shares have given up more than 35 percent of their value over the past year, as compared with about a four-percent fall in the Footsie.
New CEO at Sainsbury’s Bank
Sainsbury’s announced in a statement today that it had appointed Jim Brown as CEO of Sainsbury’s Bank, subject to regulatory approval. He will join as CEO designate later this month and will work with Peter Griffiths for a short period of handover.
Brown’s previous roles include Chief Executive of RBS’ (LON:RBS) Williams and Glyn division, as well as CEO of Ulster Bank and Chief Executive of Retail and Commercial Markets, Asia for RBS Asia.
“Jim has a wealth of experience and a strong track record of leading banks through significant change, which will help him lead Sainsbury’s Bank through the next stage of its journey,” Sainsbury’s CEO Mike Coupe commented in the statement.
Analysts on blue-chip grocer
Shore Capital reaffirmed the blue-chip grocer as a ‘sell’ last week, without specifying a target on the Sainsbury’s share price. According to MarketBeat, the FTSE 100 supermarket currently has a consensus ‘hold’ rating and an average valuation of 240.11p.
Sainsbury’s is scheduled to post its first-quarter statement on July 3.