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Sainsbury’s shares rise after rebuffing claims to replace Mike Coupe

by LLB Reporter August 19, 2019

written by LLB Reporter 19^th Aug 19 2:48 pm

The supermarket giant Sainsbury’s has shrugged of claims that they are looking for a new chief executive.

The supermarket denied a report in the Sunday Telegraph that there are internal candidates being considered to take over the helm.

A Sainsbury’s spokesman said “Every responsible business has potential succession plans for its CEO. This is nothing new.

“We are not talking to internal candidates about succession planning for Mike and have been clear he has the full support of shareholders and the board.”

Clive Black, analyst at broker Shore Capital, said he “struggled to see merit” in replacing Coupe as chief executive.

Adding, “After that corporate failure, noting under-performance of Sainsbury’s in particular through the engagement process, Sainsbury’s is back focused upon the day job, necessarily, and we sense that progress is being made in stabilising deteriorating store standards whilst work continues on its price file.”

This announcement sent shares in the company rise by 4.2% higher at 190.2p on Monday morning.