Former Sainsbury’s boss in return to M&S as non-exec
THE FORMER chief executive of big four supermarket Sainsbury’s Justin King is to make a return to Marks & Spencer as a non-executive director, the clothing and food retailer said.
Mr King led Sainsbury’s revival before stepping down in 2014. He is also a former head of food at M&S and has previously worked for Leeds-based Asda.
Steve Rowe, chief executive of M&S, said: “I am delighted that Justin has agreed to join us. As we navigate the challenges ahead it will be enormously helpful to have his experience, wisdom and insight on the board.
“Many colleagues remember his time at M&S and will warmly welcome him back.”
Mr King will take up his new role at M&S on January 1.
He will continue to serve as vice chairman of private equity firm Terra Firma and on the Public Interest Body of PwC.
Mr King has previously served as a director of Staples and was a board member of the London Organising
Committee of the Olympic and Paralympic Games where he served on the audit committee of both organisations.
He was also a member of the Prime Minister’s Business Advisory Group.
“Having worked there 15 years ago, M&S has a very special place in my affections,” Mr King said. “I look forward to joining the board and supporting Steve in the turnaround that he is leading.”
During his first stint at the retailer, Mr King was one of the pioneers of Simply Food at M&S.
Archie Norman, chairman of M&S, said: “Justin’s appointment completes a very significant reorientation of the board in the last year. He will be a great addition to a strong team.”
Last month M&S warned that “significant further change” was needed after issuing a bleak outlook for sales following the growth in online competition and the relentless march of discounters. The high street giant has already announced around 100 store closures and doesn’t see the pressure letting up in the near future.
M&S’s half year revenue fell 3.1 per cent to £4.96bn, reflecting declining sales in both the food and clothing and home divisions.
Clothing and home revenue fell by 2.7 per cent as a result of the strategy to close under-performing stores and reduce the amount of in-store space dedicated to non-food items.