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Wm Morrison chairman Sir Ian Gibson to step down after difficult AGM

Wm Morrison Supermarkets PLC has announced that chairman Sir Ian Gibson has informed the board that he will not be seeking re-election at next year’s AGM.

The board will conduct “an orderly process” to appoint a successor. Despite this, the struggling supermarket is said to have had a difficult AGM.

According to the BBC Ken Morrison, ex-chairman said after a presentation by current head of Morrisons, Ken Dalton: “The results were described by the chairman and chief executive as ‘disappointing’. I personally thought they were disastrous.

“When I left work and started working as a hobby, I chose to raise cattle. I have something like 1,000 bullocks and, having listened to your presentation, Dalton, you’ve got a lot more bullshit than me.”

In May, Yorkshire-based Morrisons announced it was cutting prices on more than 1,000 products after profits continue to plummet along with other mid-market supermarkets such as Tesco.

Sir Ian said: “This term will take me into my eighth year on Wm Morrisons Board, and this announcement gives the Board time to conduct an orderly search for a new Chairman and ensure a smooth transition.”

According to reports, Morrisons AGM was difficult as both chairman Sir Ian Gibson and boss Dalton Philips apologised to shareholders for a dreadful year.

This was posted in Bdaily's Members' News section by Clare Burnett .