Morrisons starts search for new CEO

Morrison’s owners, Clayton, Dubilier & Rice (CD&R), have launched a search for a new chief executive, succeeding David Potts, who announced he will step down in about two years.

CD&R are teaming up with headhunters from executive recruitment firm, Skill Capital, to find a replacement.

The search began towards the end of last year, with the firm already approaching some potential candidates.

READ MORE: CD&R looks to topple Morrisons frontrunner with new bid

However, despite Potts plans to remain CEO for the next two years, current chief operating officer Trevor Strain is said to have emerged as a potential internal candidate for the role.

Strain has previously held the roles of Morrisons chief financial officer and group commercial director and has been on the board since 2013.

CD&R took over the Big 4 grocer in October last year for £7 billion and said it was committed to Morrison’s existing “strong management team”.

Potts has led Morrisons since joining the grocer in March 2015, having previously spent 39 years at competing grocer Tesco.

He joined the retailer at 16 and went on on to lead its Irish business arm, as well as its UK retail stores business.

He was then also appointed as chief executive of Tesco’s Asia business.

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