Mar 26, 2020

Morrisons non-execs quit over governance concerns

Two non-executive directors at supermarket chain Wm Morrison have resigned in an escalating row over corporate governance at the UK's fourth-biggest supermarket chain. The disagreements are understood to revolve around the role of Andrew Higginson, Morrisons' chairman since 2015, and his perceived closeness to chief executive David Potts. The resignations come as Morrisons deals with the impact of the coronavirus outbreak, which has placed huge strain on its stores and online operation as consumers rush to stock up, and amid growing questions about its future direction. Over the past year, same-store sales growth has slowed - in the last financial year it was down 0.8 per cent, against a 4.8 per cent rise the year before - and the share price has drifted back down to the level it stood when Mr Potts arrived in March 2015. Morrisons was the subject of an investor rebellion over executive pay in 2017, when almost half of those voting objected to that year's remuneration report.

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