J Sainsbury Names Martin Scicluna Nonexecutive Chairman -- Update
July 11 2018 - 9:00AM
Dow Jones News
(Updates with details on Asda merger, Mr. Scicluna's
experience.)
By Oliver Griffin and Maryam Cockar
J Sainsbury PLC (SBRY.LN) said Wednesday that it has appointed
Martin Scicluna as its new nonexecutive chairman to replace
Chairman David Tyler, as the U.K. supermarket looks to merge with
Asda Group Ltd. (AGP.YY).
Sainsbury said Mr. Scicluna will join its board as
chairman-designate and as a nonexecutive director from Nov. 1. He
will work closely with Mr. Tyler for a handover period and
Sainsbury said it expects him to take over as chairman from the
beginning of the new financial year in March 2019.
Mr. Scicluna is joining Sainsbury as the grocer seeks regulatory
clearance for its proposed merger with rival Asda, the British arm
of U.S. retailer Walmart Inc. (WMT).
In April, Sainsbury said it would buy Asda in a deal worth 7.3
billion pounds ($9.7 billion). The combined business will be
chaired by Sainsbury's chairman and led by Sainsbury Chief
Executive Mike Coupe and Chief Financial Officer Kevin O'Byrne.
That deal came in the wake of fellow U.K. grocer Tesco PLC's
(TSCO.LN) takeover of wholesaler Booker Group, as traditional
grocers look to strengthen their businesses against online players
like Amazon.com Inc. (AMZN) and Ocado Group PLC (OCDO.LN).
Mr. Scicluna is currently chairman of RSA Insurance PLC (RSA.LN)
and Great Portland Estates PLC (GPOR.LN). He will step down from
his position at Great Portland at or before its 2019 annual general
meeting. He has held board roles at Worldpay PLC (WP) and Lloyds
Banking Group PLC (LLOY.LN) and was chairman of Deloitte LLP.
At 1321 GMT, Sainsbury shares were slightly up 0.1% at 329.60
pence.
Write to Oliver Griffin at oliver.griffin@dowjones.com and
Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
July 11, 2018 09:45 ET (13:45 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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