Wm Morrison Supermarkets chief executive David Potts will step down in November and be replaced by ex-Carrefour boss Rami Baitieh.
Having headed up the former ‘big four’ supermarket for nine years after a long stint at Tesco, Potts explained his resignation had been on the cards for a while.
“We had a clear understanding that I was prepared to devote several more years to Morrisons if that was required,” the sector veteran commented.
“But [...] if an outstanding successor was identified who could lead Morrisons for the long term then I would step down.”
Potts said his successor had been discussed since Morrisons was bought by US private equity firm Clayton, Dubilier & Rice for £7 billion in 2021.
Baitieh will take over the struggling chain in November, after it was overtaken by Aldi as the UK’s fourth-largest supermarket earlier this year following a £1.5 billion pre-tax loss in 2022.
According to analyst Victoria Scholar at interactive investor, Morrisons is “squeezed in the middle” of Tesco’s sheer size and lower prices at Lidl and rival German discounter Aldi.
Baitieh said he was "honoured" to be joining the business and highlighted that “as a manufacturer, wholesaler and seller of food, Morrisons is uniquely positioned to grow in the coming years”.