Morrisons’ owners, private equity firm Clayton, Dubilier & Rice (CD&R) have launched a search for a new boss as current chief executive David Potts stated he would step down in about two years.
CD&R is working with headhunters from Skill Capital to find a replacement, according to The Sunday Times. Skill Capital has reportedly commenced the search towards the end of last year, with the executive recruitment firm already approaching some potential candidates.
Following CD&R’s £7bn takeover of the grocer in October, the firm stated it was committed to Morrison’s existing “strong management team.”
Current chief executive Potts has led Morrisons since joining the grocer in March 2015. He previously worked for Tesco for 39 years, joining the retailer at 16 and going on to lead its Ireland business, as well as its UK retail stores business. Potts was then also appointed as chief executive of Tesco’s Asia business.
While Potts plans to remain in the role for the next two years, current chief operating officer Trevor Strain is said to have emerged as a potential internal candidate for the role. Strain has sat on the board since 2013 and previously held the roles of chief financial officer and group commercial director at the grocer.
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