Sainsbury steps down as Close Brothers CEO, Morgan to replace
announced on Tuesday that Adrian Sainsbury had officially stepped down as group chief executive and executive director, effective 6 January, to focus on his health following a period of medical leave.
The London-listed firm said Sainsbury was recuperating well, and was expected to make a full recovery.
Its board confirmed the appointment of Mike Morgan as its new group chief executive on a permanent basis, subject to regulatory approval.
Morgan had been with the company for several years, and had been fulfilling the role of interim chief executive while Sainsbury was on medical leave.
"The board would like to sincerely thank Adrian for his material contribution during his 11 years with the group, the last four of which were as chief executive," said chairman Mike Biggs.
"During this time he has overseen a period of significant growth and development for the group, successfully leading the organisation through a challenging period which includes Covid and heightened geopolitical uncertainty.
"I am also pleased to confirm the appointment of Mike Morgan as permanent group chief executive, subject to regulatory approval."
Biggs said Morgan had made a "strong contribution" as group finance director for the last five years, and had been successfully performing the chief executive role on an interim basis over the last several months.
"He brings deep knowledge of the organisation and his appointment will ensure continuity in the leadership of the Group and delivery of our strategy."
At 0941 GMT, shares in Close Brothers Group were down 1.89% at 228.6p.
Reporting by Josh White for Sharecast.com.
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