Sainsbury’s boss Coupe gets shareholder backing at AGM

Mike Coupe

Sainsbury’s under-pressure boss Mike Coupe has been unanimously backed by the grocer’s shareholders, despite suffering a bruising AGM.

Coupe, whose position has been called into question in some quarters following the collapse of its £13bn mega merger with Asda, was re-elected by 99.5% of investors who voted at its annual meeting yesterday.

However, one Sainsbury’s shareholder dubbed the failed combination with its big four rival a “complete fiasco”.

Another stakeholder – a former Sainsbury’s employee – hit out at Coupe and the board for presiding over a slump in the share price that had “cost me and a lot of my friends a lot of money”.

Sainsbury’s share price dropped to 188p last month, its lowest level for around 30 years.

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