Loose change

13 January 2015 By Robert Cole

Britain’s fourth-biggest grocer will replace its chief executive. The timing is odd, since Dalton Philips’ recent moves are bearing some fruit. Christmas sales held up fairly well. Still, a new CEO will have more freedom to rethink the company’s strategy and finances.

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Dalton Philips, the chief executive of Wm Morrison Supermarkets, is to step down, Britain’s fourth-biggest grocer said on Jan. 13. It has not yet identified a successor and said Philips would stay until year-end results, due March 12, to “ensure a smooth transition.”

The chairmanship of the company will also pass from Ian Gibson to former Tesco Finance Director Andrew Higginson sooner than anticipated, following a Jan. 22 board meeting.

Total sales excluding fuel fell 1.3 percent in the six weeks to Jan. 4. Like-for-like revenue, excluding fuel, declined 3.1 percent, beating consensus forecasts of a 3.8 percent drop.

Morrisons shares rose 5.1 percent to 186 pence by 1100 GMT.

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