Morrisons hires ex-Tesco chief as adviser after supermarket CEO’s call for urgent change
Morrisons is making changes with recent hires
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The owner of Morrisons has announced the hire of former Tesco boss Sir Dave Lewis who will join the supermarket chain as an adviser.
Earlier today, Morrisons owner CD&R confirmed that it hired Sir Dave to join the supermarket chain as an operating adviser.
The firm said it will give experience to help assist CR&R’s portfolio companies across Europe, including Morrisons.
On top of this, CD&R will put funds towards assessing new opportunities in the retail and consumer goods sectors.
Sir Dave Lewis will advise the supermarket chain
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From 2014 to 2020, Sir Dave led Tesco through a noticeable turnaround after the fallout of the company’s accounting scandal.
He currently serves as the chairman of Haleon, a consumer healthcare group which came out of pharmaceutical firm GSK.
David Novak, the co-president of CD&R, said: “Dave is an exceptional executive and highly respected leader. His reputation for innovation, value creation and growth is outstanding.
“I believe his knowledge and experience, built up over three decades, will be of great value to CD&R funds as we consider new investments and continue to build stronger, more sustainable businesses across Europe.”
On his hire, Sir Dave Lewis said: “I believe the depth of CD&R’s operating and investment expertise across the consumer goods, retail, and other sectors in Europe to be incredibly strong.
“I look forward to working with CD&R’s investment and operating teams, as well as the management teams of the firm’s portfolio companies to identify investment opportunities, support strong performance and create durable businesses fit for the future.”
Rami Baitiéh, the former director of Carrefour, joined as the supermarket’s new chief executive officer towards the end of last year.
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Supermarkets have struggled amid the cost of living crisis
PAIn an early briefing to employees, Mr Baitiéh told staff at its head office that businesses are like candles that will "burn out" unless they change, The Times reports.
He is reported to have said that Morrisons needed an urgent overhaul to turnaround the business and get out of debt.
Two years ago, the retailer was bought for $7billion by Clayton, Dubilier & Rice (CD&R), a private equity firm based in the US.
Despite this acquisition, Morrisons has seen its share of the UK’s grocery market depreciate amid the growth of rival supermarkets Aldi and Lidl, which have seen boosted sales amid the rise in the cost of living.