J Sainsbury plc has announced its intention to promote its CFO John Rogers to the role of chief executive of Home Retail Group (HRG) upon completion of Sainsbury's proposed acquisition of the business.
John will replace HRG’s current chief executive John Walden, who has announced he will be stepping down from HRG at the same time. Completion of the proposed transaction is expected to take place in the third quarter of this year.
From completion of the proposed transaction, in his new role, reporting to Sainsbury's CEO Mike Coupe, John will have responsibility for combining Sainsbury's non-food business with Argos, and for the delivery of the ongoing digital transformation and performance of HRG.
John will remain a member of the Sainsbury's group operating board and the J Sainsbury plc board. He will be based at HRG’s headquarters in Milton Keynes.
John has been CFO of J Sainsbury plc since 2010 and currently has responsibility for group strategy, Sainsbury’s online, business development, procurement, property and Sainsbury's Bank.
Ed Barker, Sainsbury's group finance director, will be appointed CFO of J Sainsbury plc on an interim basis from the same date. He joined Sainsbury's in 2008 from Burberry and was appointed group finance director in March 2012.
Mike Coupe says: “I am delighted to appoint John as chief executive of HRG upon completion of our proposed acquisition of the business. John is a highly talented member of the team and has played a major role in delivering our performance and strategy at Sainsbury's. John’s expertise goes beyond his finance role – his leadership expertise in strategy, digital, online and property make John the ideal candidate to lead HRG and ensure we deliver our ambition to be the leading multi-channel, multi-product retailer of choice for customers.
“Ed has extensive senior finance experience within retail, including eight years at Sainsbury’s. His in-depth knowledge of the business as well as his proven leadership of the group finance function will serve our business well during this interim period. We will now undertake a thorough search process for John’s permanent replacement.”
John Rogers, CFO of Sainsbury’s, adds: “The combination of Sainsbury’s and Argos is an exciting one for customers, colleagues and shareholders. I am delighted to have the opportunity to lead and work with the talented teams at HRG and to develop the business further as one of the UK’s leading retailers.”
The regulatory processes to obtain clearance from the FCA and the CMA are under way, and the GFSC has already granted its approval of the acquisition.