Sainsbury‘s CEO Justin King is set to step down from his current role on 9 July 2014, after a stint of ten years with the company.
King was hired in 2004 to bring the supermarket out from economic doldrums.
Under his tenure, the company reported 35 consecutive quarters of like-for-like growth and five consecutive years of profit growth.
He increased the company’s sales from £16.1bn in 2004-05 to £25.6bn in 2012-13, and led the business to win the title of online retailer of the year in 2013, by generating £1bn from online grocery business.
Despite saving the company at desperate times, King has refused to accept a cash of approximately £1.7m, which he was entitled as per the contract.
Sainsbury’s chairman David Tyler said Justin has reshaped Sainsbury’s during his 10 years as CEO, as well as played a leading role in the sector and wider business world.
"The Board thanks him for his outstanding achievements in ‘Making Sainsbury’s Great Again’. He leaves a lasting legacy, with the company stronger than ever," Tyler added.
King will be replaced by Mike Coupe, who is currently serving as the group commercial director.
Tyler said Coupe has worked hand-in-hand with Justin over the past decade and has a proven track record of success, making him the natural choice to take the company forward.