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.

He managed to bring back the customers from other retailers such as Tesco, Asda and Morrisons by rebranding, revamping the stores and building up its non-food business.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.