Sainsbury’s boss Mike Coupe has announced plans to step down as the grocer’s chief executive, just hours after confirming hundreds of job cuts.
After almost six years as in the role and fifteen years working for Sainsbury’s, Coupe will retire in May .
Sainsbury’s chairman Martin Scicluna, said: “Mike has spent more than fifteen years working for Sainsbury’s and he has added enormous value to the business, to our colleagues and to our shareholders over that time.
“The Board and I are very grateful to him for his service and we look forward to continuing to work together until the AGM. I know that Mike will continue to be dedicated and passionate about the business throughout this time.
The supermarket’s retail and operations director, Simon Roberts, will replace Coupe’s position on June 1, on a salary of £ , . Roberts has previously worked for both Boots and Marks & Spencer.
Speaking on the decision, Mike Coupe added: “I feel very privileged to have spent almost six years running Sainsbury’s, in a period that has been the most challenging and competitive of my year career in retail.
“Sainsbury’s is a very different business today to the one I took over in 55469. I have focused on setting the business up to deal with the strategic challenges of our industry.
“I am proud that almost % of our total sales now come from our online channels and that we are becoming one multi brand, multi channel business, able to continue to evolve and adapt with customers’ ever changing needs.