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Potts handed task of refocusing Morrisons

David PottsStruggling supermarket chain Morrisons has confirmed that former Tesco executive David Potts will take over from Dalton Philips as chief executive.

The 57-year-old will become the latest former Tesco high-flyer at Britain’s fourth-biggest chain and will be expected to play catch up, not only with its three bigger rivals but with the discounters who are snapping at its heels.

Potts, who began his supermarket career stacking shelves,  is a former Tesco colleague of Morrisons chairman Andrew Higginson and finance chief Trevor Strain and is himself a veteran of the sector with 40 years experience.

His appointment helped push shares in Morrison up by just over 2% in early trade, though they are 20% down over the year.

Analysts gave Mr Potts a thumbs up, saying he would refocus the group and correct some of the misjudgements of the recent past, including its delayed entry into online sales and building a network of convenience stores.

He moves into his new job on 16 March on a base starting salary of  £850,000.

 

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