Sainsbury's dips on King exit rumour
Dec 21, 2012 (Daily Mail - McClatchy-Tribune Information Services via COMTEX) --
SHARES in Sainsbury's dipped amid speculation long-standing boss Justin King plans to hang up his apron to make way for commercial director Mike Coupe.
Rumours once again circulated that the chief executive of Britain's third largest grocer wants to bow out on a high, having turned the business around and sent shares rising 61.76pc during his nine-year reign.
Unsourced reports claim King will announce in February plans to step down in 2014, with Coupe the front runner to replace him.
But just a few weeks ago King stated he had no plans to leave.
A spokesman for Sainsbury's (down 0.3p to 352.90p) said: "This is pure speculation. Justin has made his commitment to the business clear and is excited about the opportunities to grow and develop it. Any discussion of succession is totally premature."
Separately shadow business secretary Chuka Umunna pressed counterpart Vince Cable to make public a forthcoming report into collapsed retailer Comet.
During a Commons debate, Cable claimed he was banned from revealing the investigation's findings.
He said: "Under the law I'm not allowed to publish the report."
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