Search begins for successor to Morrisons boss Potts

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Morrisons’ private equity owner is pondering an eventual successor to chief executive David Potts.

Investment giant Clayton, Dubilier & Rice (CD&R) has brought headhunter Egon Zehnder on board to strengthen Morrisons’ bench and identify a successor to Potts, a year after buying the grocer in a £7bn deal, Sky News reported.

Potts, who has been in charge of Morrisons since 2015, is not expected to depart the grocer until at least 2024.

However, it is said that Egon Zehnder has been approaching potential hires “with one eye” on finding a successor to Potts.

Internal candidates are thought to be keen to replace him. One insider said CD&R was “continuously” working on succession planning at Morrisons and the other businesses in its portfolio.

The eventual departure of Potts would bring a wider change of leadership at Morrisons. Earlier this year, chief operating officer Trevor Strain, widely seen as a likely successor to Potts, left the retailer.

Morrisons has been finding trading tough. Recent Kantar data revealed that value grocer Aldi has unseated Morrisons from its position among the big four grocers.