Image source: ell brown
Wm Morrison Supermarkets PLC has announced that chairman Sir Ian Gibson has informed the board that he will not be seeking re-election at next year’s AGM.
The board will conduct "an orderly process" to appoint a successor.
In May, Yorkshire-based Morrisons announced it was cutting prices on more than 1,000 products after profits continue to plummet along with other mid-market supermarkets such as Tesco.
Sir Ian said: "This term will take me into my eighth year on Wm Morrisons Board, and this announcement gives the Board time to conduct an orderly search for a new Chairman and ensure a smooth transition."
According to reports, Morrisons AGM was difficult as both chairman Sir Ian Gibson and boss Dalton Philips apologised to shareholders for a dreadful year.