// Morrisons owner has hired headhunter Egon Zehnder to hire a potential successor to CEO David Potts
// Potts has yet to resign, however, the headhunter is eyeing recruits “with one eye” on who could be his replacement
Morrisons owner, private equity firm Clayton Dubilier & Rice has hired headhunter Egon Zehnder to identify a successor to the supermarket’s CEO David Potts.
Potts has not resigned, nor is he expected to leave until at least 2024, however the US private equity firm has hired the headhunter to strengthen its executive team.
Sources said it had approached potential recruits “with one eye” on finding a replacement for him, according to Sky News.
Potts has been at the helm of Morrisons since 2015 and helped turnaround the grocer when he joined.
He is now working on improving the retailer’s performance after it lost its position in UK grocery’s Big Four earlier this year when it was overtaken by Aldi.
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It is understood that Morrisons, which has been saddled with a growing debt pile following Clayton Dubilier & Rice’s acquisition last year, is struggling to compete on price at a time where squeezed shoppers are more budget conscious than ever.
It is thought that a throng of internal candidates will line up to replace Potts. Earlier this year chief operating officer Trevor Strain, who many had viewed as the natural successor to Potts, resigned from Morrisons.
Former Tesco chief executive Sir Terry Leahy, who Clayton Dubilier & Rice hired as chair when it bought Morrisons, will play a key role in the succession planning.
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