Morrison chairman stepping down after 56 years

Chairman of supermarket giant, Morrisons, is to step down after 56 years with the company.

Sir Ken Morrison, aged 75, joined the supermarket in 1952. He was Chairman and Managing Director from 1956 until 1997 at which time he relinquished the managing director role.

Sir Ian Gibson, chairman of Trinity Mirror and a ex-deputy chairman of rival supermarket giant Asda, will take on the role of chairman after Sir Ken steps down.

It is expected Dutch chief executive, Marc Bolland, will report a 70% increase in profits to £558 million.

In 1958, the company moved from markets stalls to counter service with a small town centre store and in 1961 it opened its first supermarket called Victoria in Bradford.

In March 2004, Morrisons took over supermarket chain Safeway to become the fourth largest supermarket group in the UK.

The supermarket has over 370 Morrisons stores across the UK.

Story link: Morrison chairman stepping down after 56 years