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Home Retail CEO to step down after Sainsbury's takeover

Reuters - UK Focus

LONDON, June 10 (Reuters) - Home Retail (Other OTC: HMRLF - news) , the Argos-store owner which is being acquired by Sainsbury (Amsterdam: SJ6.AS - news) 's , said its chief executive John Walden would quit when the takeover by the supermarket is finalised, with Sainsbury's lining up its CFO to fill the roll.

Sainsbury's said it would promote its finance boss John Rogers to the position of CEO of Home Retail, and in that role he would also be responsible for combining Sainsbury's non-food business with Argos.

Agreed in April, the 1.4 billion pound ($2.0 billion)takeover of Home Retail by Sainsbury's is expected to complete in the third quarter of this year but is still subject to regulatory and shareholder approval. ($1 = 0.6916 pounds) (Reporting by Sarah Young, editing by James Davey)