The appointment has given rise to speculation that the supermarket group could be a takeover target. There have been suggestions that Morrisons may be attractive to private equity firms and property investors.
Prior to the hiring of Rothschild, investment bank ABN Amro, Morrisons' joint broker, advised the group on its costly takeover of Safeway. It is understood that Morrisons' directors wanted to keep broking and investment banking advice separate.
The troubled supermarket chain recently announced losses of£312.9 for the financial year ending January 29, the first reported losses in the history of the company. Chairman Sir Ken Morrison has been under pressure to appoint a new chief executive to replace Bob Stott. A successor is likely to be announced on May 25 at the AGM.
No comment was available from Morrisons.
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