Morrison retires on a profitable note
Published Date:
10 March 2008
VETERAN supermarket boss Sir Ken Morrison will bow out on a high note this week when the chain that bears his name delivers bumper annual profits and hands out a cash bonus to shareholders.
Sir Ken, who joined the family firm in 1952, is expected to propose a parting gift to shareholders through the return of cash likely to be worth in excess of £500 million.
He stepped down from the day-to-day running of Morrisons in 2005, but has remained as chairman. Sir Ken's role will be taken this week by Trinity Mirror chairman Sir Ian Gibson, a former deputy chairman of rival chain Asda.
The results on Thursday are expected to show a 70 per cent rise in full-year profits to about £558m.
The full article contains 133 words and appears in The Scotsman newspaper.
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Last Updated:
09 March 2008 8:50 PM
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Source:
The Scotsman
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Location:
Edinburgh
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Related Topics:
Supermarkets
