Get free Wm Morrison Supermarkets PLC
We will send it to you myFT Daily Digest email publishes the latest Wm Morrison Supermarkets PLC news every morning.
Clayton, Dubilier and Rice want to elect Sir Terry Leahy as chairman of the Wm Morrison retailer after winning 10 billion pounds of UK retail sales, according to two people who described the company’s actions.
Leahy, who has been the chief marketing officer at UK Tesco for more than a decade, has been a major CD&R consultant since he left the grocery store in 2011. The board has challenged its rival Fortress Investment. it’s just one coin at a sale sold by UK regulatory executives on Saturday.
“There are very strong indications for him to be in the chair,” said one of the residents. “It will follow the same brand at B&M,” he added, referring to the discount vendor Leahy led. for five years CD & R gained a major share in 2012.
“I hope they will take part in a non-major seat,” said one person, adding that the CD&R system for financial companies is expected to set up a committee that mixes with those elected internally and externally.
Leahy’s expertise in marketing and marketing seems to be particularly relevant to the skills of Morrison’s senior manager Dave Potts, who is known for his expertise in technology and attention to detail.
Leahy, 65, is also the director of Motor Fuel Group, a CD & R-owned petrol company that is expected to be available for any growth of the simple Morrison business.
Morrison’s former supervisors, including chairman Andrew Higginson and independent director Rooney Anand, have resigned as soon as they terminate the deal at the end of October, sparking a bid for a price that increased from the first 230p to about 290p.
The takeover still needs to be approved by the participants at a conference held on October 19. Columbia Threadneedle, one of the largest shareholders in Morrison with a stake of about 8%, announced Saturday that it had agreed.
Terry Leahy is the director of Motor Fuel Group, a CD & R-based oil company that is expected to be present at any growth of the Morrison business © Denis Doyle / Bloomberg
The Potts team will continue to run the business on a daily basis. In his letters, CD & R reaffirmed that he was “committed to supporting the existing team” which “created a customer-centered approach and performed well in the store that describes the business today”.
“CD&R will help Morrison continue to strengthen these capabilities such as [it] has done well with a number of financial companies over the years ”.
CD&R, Leahy and Morrisons all declined to comment.
Many analysts speculate that Potts, 64, who has been running Morrison since 2015, would have resigned this year or tomorrow if it remained a state-owned company, with Trevor Strain’s chief of staff being the most likely to replace him.
It is unclear how and when the results will end. Those who know him say that Potts was also strengthened by the effects of the plague. Morrison’s response to the issue, especially in the first few months when it came up with new strategies such as boxing loans, was much appreciated.
Another challenge is what happens in Asda, where Roger Burnley resigning as an adult in August following the seizure by TDR Capital and the Issa brothers earlier this year.
The company is looking for a replacement and is selling the third largest grocery store in the UK is on the cusp of a thrilling opportunity for Stress enthusiasts and other executives in major competing markets – especially since those who want to join Asda they’re all gone.
But those familiar with the company say Mohsin Issa spends a lot of time at his headquarters in Leeds and is very busy making decisions, asking questions about the rights of a potential chief executive.