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Morrisons owner Clayton Dublier and Rice (CD&R) is working to find an eventual replacement for CEO David Potts just a year after acquiring the supermarket in a £7bn deal, according to Sky News.
US-based private equity firm CD&R has retained Egon Zehnder International to help strengthen Morrisons’ executive ranks.
Sky News sources said that Egon Zehnder had been approaching potential recruits to replace Potts, who has been CEO at Morrisons since 2015. A number of internal candidates are also expected to vie for the opportunity of replacing Potts.
Potts is not expected to leave until at least 2024, and is focused on improving the company’s performance after Aldi replaced it as Britain’s third-biggest supermarket chain.
Former Tesco CEO Sir Terry Leahy, who has a long-standing relationship with CD&R, will also play a key role in the succession planning.
CD&R and Morrisons declined to comment.
