Sainsbury's has appointed Justin King as chief executive. The former Marks & Spencer food boss will be charged with revitalising the struggling grocer. King joins in April next year, when incumbent Sir Peter Davis becomes chairman.
Davis said: 'Justin identifies with our trading strengths and, in an increasingly competitive market, has the talent and experience to drive our business forward on a greatly modernised and improved infrastructure.'
Broker Seymour Pierce said King is 'far superior to anyone Sainsbury's has at present'.
Sainsbury's announced underlying interim pre-tax profit up 7 per cent to£366 million. Group sales increased by 1 per cent to£9.8 billion and Sainsbury's Supermarkets like-for-likes edged up 0.1 per cent.
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