Morrisons' CEO Dalton Philips will leave the retailer earlier than planned as Chief Financial Officer Trevor Strain replaces him on an interim basis as of next week.
Philips (pictured) will leave the business on 16 February, Morrisons said in a statement Thursday.
He was initially supposed to stay on until the grocer’s full-year results due in March. Chairman Andrew Higginson will also dedicate more time to the business until a new CEO is in place, the company said.
“I’m confident that it will be business as usual during this transitional period,” Higginson said in the statement. “We’re making good progress with the search for a new CEO.”
Morrison decided to replace Philips after a sustained period of sales declines culminated in the company reporting the worst holiday sales of all the U.K.’s biggest grocers. Higginson said last month he’s “almost certain” that Philips’ successor will be appointed from outside the company.
News by Bloomberg, edited by ESM
