Sainsbury's Justin King to step down as chief executive
British grocer J Sainsbury said Justin King will step down in July 2014 after 10 years as chief executive and will be succeeded by Mike Coupe, currently the group commercial director.
The firm said King, who has almost trebled underlying annual profit during his tenure, will depart after the annual shareholders' meeting on July 9.
Coupe, 53, had been the favourite to succeed the highly regarded King as the boss of the grocer that is battling with Wal-Mart Stores', to be Britain's No. 2 behind market leader Tesco.
Shares in Sainsbury were down 1.9p at 349.9p in early morning trade.
Coupe, a former director of Big Food Group and Iceland, has been at Sainsbury's since 2004.