London - Britain's No. 4 supermarket Morrisons has named former Tesco executive David Potts as its new chief executive, completing a triumvirate of ex-Tesco men at the top of the firm.
Potts, 57, who had been the bookmakers' favourite for the job, is tasked with returning Morrisons to growth after it lagged larger rivals, market leader Tesco, Wal-Mart's Asda and Sainsbury's.
Potts, a former Tesco colleague of Morrisons chairman Andrew Higginson, will start on March 16. He succeeds Dalton Philips who was ousted in January.
Potts had a 40-year career with Tesco. Having started off stacking shelves in his local store, he rose to head the firm's supply chain, its UK business and then its Asian operations.
Since leaving Tesco in 2011 he has acted as a retail expert to several international advisory and private equity businesses.
“David is the best retailer I have worked with in 25 years in the industry,” said Higginson.
“Having worked alongside him for 15 years, I know he will bring to Morrisons a focus on the customer, a track record of delivery, flair, talent, and immense energy to his new role.”
As Morrisons' chief financial officer Trevor Strain is a former Tesco UK property finance director. Potts' appointment means the top three jobs at the firm will be held by ex-Tesco men.
Philips was sacked on January 13, the same day Morrisons reported another plunge in Christmas sales and left the business on February 16.
Potts' annual salary will be 850 000 pounds, the same as his predecessor.
Reuters