Morrisons chief exec to go

Supermarket Morrisons has dismissed press reports that a change of control at the group is imminent, but confirmed it is on the hunt for a new chief executive.

Morrisons announced yesterday it is to replace its chief executive Bob Stott, as the grocer posted its first loss in its 106-year history.

Stott will leave the company, but a Morrisons spokesperson said 'no timetable has been set.'

'We are looking for a new chief executive and the handover will be next year, providing we find the right person,' the spokesperson added.

Stott is to go after mounting pressure from shareholders to find a chief executive who could drive the business forward for the next three to five years.

However, 74-year-old Sir Ken Morrison, founder of the struggling supermarket, remained steadfast, insisting that he will stay at the helm.

He said of the grocer's plunge in to the red: 'Of course it bothers me, it is disappointing. But it is a learning process and now we have to handle the recovery.'

The UK's fourth-biggest supermarket reported pre tax losses£73.3 million in the 25 weeks to July 24, highlighting the group's struggle with the cost of converting Safeway stores and integrating the chain it acquired in 2003.