Morrisons chairman set to advise broker Shore Capital
THE CHAIRMAN of Morrisons has been appointed as a senior adviser at the company’s former bete noir, investment firm Shore Capital, which is now Morrisons’ house broker.
Shore Capital said Andy Higginson is an “experienced and distinguished executive with many years operating at senior levels in successful British companies”.
Shore Capital was appointed as Morrisons’ house broker last July.
Prior to that Shore Capital was one of the Bradford-based firm’s biggest critics when it was under the regime of former chief executive Dalton Philips. This changed when Morrisons appointed David Potts as chief executive last March.
After spells at Unilever, Guinness, Laura Ashley and Burton Group, Mr
Higginson was appointed to the board of Tesco in 1997. He spent 15 years on the board when the group expanded to become the world’s third biggest retailer.
Since his retirement from Tesco, Mr Higginson has been active in the consumer arena, holding senior board positions at several FTSE 100 and 250 companies.
He is currently the chairman of Morrisons and N Brown Group. He is also a non-executive director of Woolworths in South Africa and an adviser to Warburg Pincus.
He was previously a senior non-executive director of BSkyB and a member of the Rugby Football Union’s Board.
Simon Fine, chief executive of Shore Capital, said: “Andy is an exceptionally talented executive with an outstanding consumer industries reputation. We are delighted to have gained his services and we look forward to working together.”
Mr Higginson said: “I have known Shore Capital for many years and enjoy the group’s entrepreneurial spirit and commercial approach; and am excited about the prospect of helping Shore Capital to further build upon what has been an impressive track record to date.”
Mr Higginson has played a big role in turning Morrisons around since he joined the company in 2014.
It was his decision to terminate Mr Philip’s contract early last year and to bring in respected veteran Mr Potts.
Last September, Morrisons warned that its recovery would take “years not months” as it announced the closure of 11 supermarkets, putting 900 jobs at risk.
The news came as the retailer announced a 47 per cent slump in half-year profits to £126m, its lowest level in nine years, but since then it has shown signs of improvement.
ANDY HIGGINSON: Morrisons’ chairman has played a big role in the grocer’s turnaround.