Announcement of Sir Ian Gibson’s intention to step down follows a loss-making year for the retailer
Morrisons chairman Sir Ian Gibson has announced that he will stand down at next year’s annual general meeting.
The news came ahead of today (5 June)’s AGM which follows a loss-making year in 2013.
A spokesperson for the retailer said it would conduct “an orderly process” to find a successor and further announcements will follow soon.
Gibson said: “This term will take me into my eighth year on the Morrisons board, and this announcement gives the board time to conduct an orderly search for a new chairman and ensure a smooth transition.”
Gibson, who joined the company as non-executive deputy chairman in September 2007, was appointed chairman following the retirement of Sir Ken Morrison in March 2008.
Last month, Morrisons revealed details of its new £1 billion price cutting campaign, launched after the group recorded a loss of £176 million in the year to February 2, 2014, after a profit of £879 million the year before.