The high value attributed to Morrisons chief executive Marc Bolland was evident in the share price reaction when it emerged last week that he was jumping ship to Marks & Spencer. M&S jumped 6% on the news, while Morrisons was down 5%, and Bolland was dubbed the billion-dollar man.

It is always unnerving for investors in a business when a well-regarded leader leaves. Aside from the general uncertainty created, there is often a sneaking suspicion that the best is past and the boss is skidaddling on a high while he can.

There’s no doubt that Bolland leaves Morrisons in a much stronger position than it was when he arrived.
He sorted out the mess made of the Safeway takeover and brought a renewed sense of confidence and direction. But there’s no evidence to suggest it’s downhill all the way once Bolland is gone. The grocer’s sales and profits are on the rise. While there have been questions about whether Morrisons should run an online offer and bump up non-food ranges, the main point is there is still so much for Morrisons to go for on the food front.

The Safeway deal was meant to transform Morrisons into a national player. The mess made of integration set that ambition back. But Morrisons now looks genuinely on the cusp of making the transition, in Bolland’s words, “from national to nationwide”.

The retailer increasingly appeals to southern shoppers, partly through a flexible approach to space that allows it to enter more local markets, but crucially because shoppers trying it out like what they find.

And Bolland leaves a strong team. There was no night of the long knives when he arrived, so Morrisons has an established group of experienced managers. In fact, the Bolland years were in many ways a partnership. Finance boss Richard Pennycook, for example, who is the strongest internal candidate to succeed Bolland, played a pivotal role in the Morrisons’ turnaround.

While investors may regret Bolland’s decision to move on, there is no sign that they will be left high and dry.

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