David Potts is stepping down after nine years as chief executive of supermarket giant Morrisons. He will leave in November, and be succeeded by the former head of the grocery retailer Carrefour France, Rami BaitiƩh.
Morrisons said BaitiĆ©h would āwork closely with David Potts to ensure a smooth handover periodā.
Sir Terry Leahy, the former boss of Tesco who is now a senior adviser at CD&R, thanked Potts for his ānine years of dedicated service to Morrisonsā and its customers.
Praising Pottsās āextraordinary serviceā, Leahy said he had āskilfully led the renewal of the Morrisons brand as well as navigating several twists and turns during his tenure, including the Covid pandemic and the cost of living crisisā.
He said Potts left the company āpoised for growthā.
The groupās most recent annual results, released in March, showed itĀ slumped to a Ā£1.5bn lossĀ during its first full year in private equity ownership. A substantial portion of the Ā£1.5bn pre-tax loss for the period was related to finance costs of Ā£593m, which included interest payments on external debt, as well as interest on its lease liabilities and interest payable on loans to group companies.
Potts said his tenure as Morrisons chief executive had been āthe privilege of my working lifeā. He said he and Leahy had had āseveral conversations about succession since the buyout in 2021ā.
āWe had a clear understanding that I was prepared to devote several more years to Morrisons if that was required, but that if an outstanding successor was identified who could lead Morrisons for the long term, then I would step down.ā
Under Potts, who began his career on Tescoās delicatessen counter, Morrisons underwent a revival of its brand while it was listed on the London stock market. He also presided over Clayton, Dubilier & RiceāsĀ highly leveraged Ā£7bn acquisitionĀ of Morrisons.Ā More recently, Morrisons has been losing market share to rivals during the cost of living squeeze as it struggles to keep prices as low as some competitors.
Potts said he intended to take a short break with his family before looking for āfurther ways to ācontribute to business and to the UKās economic recovery from the pandemicā.