Oct 3, 2021

Leahy in line to become Morrisons chair after takeover

Sir Terry Leahy is to become chair of supermarket group Wm Morrison after its £10bn takeover by Clayton, Dubilier and Rice, according to two people briefed on the private equity firm's plans. Morrisons' existing non-executives, including chair Andrew Higginson and senior independent director Rooney Anand, will step down once the deal has completed in late October, having orchestrated a bidding war that saw the price rise from an initial 230p a share to almost 290p. The takeover still needs to secure approval by shareholders at a meeting set for October 19. "CD&R will support Morrisons in further building on these strengths as [it] has successfully done with a number of its portfolio companies over the years". CD&R, Leahy and Morrisons all declined to comment. Many analysts had assumed that Potts, who is 64 and has run Morrisons since 2015, would have stepped down this year or next if it had remained a public company, with chief operating officer Trevor Strain the most obvious internal candidate to replace him.

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