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Morrisons Appoints New Boss To Lead Fight Back

Supermarket chain Morrisons has announced the appointment of an ex-Tesco (Xetra: 852647 - news) staff member as its new chief executive.

In a statement to the London Stock Exchange (Other OTC: LDNXF - news) , Britain's fourth biggest grocer said David Potts would be the new CEO.

He replaces Dalton Philips, who struggled to reassure shareholders amid Britain's bitter supermarket price war.

Mr Potts, 57, is expected to start on March 16 on the same £850,000 salary of his predecessor.

Morrisons is Britain's fourth biggest grocer, behind market leader Tesco, Sainsbury's and Asda.

Mr Philips was at the helm during last Christmas' disappointing sales results and was sacked on 13 January.

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He had also overseen Morrisons' late dash to create convenience stores and online delivery services.

Both areas had suffered as the supermarket focused on its core portfolio of stores as rivals expanded into smaller outlets and home service.

Mr Potts is a former Tesco colleague of Morrisons chairman Andrew Higginson.

He held a 40-year career with Tesco before quitting in 2011 to act as a retail expert and private equity consultant.

He started his supermarket career stacking shelves in a local store before rising to head the Tesco's supply chain, its UK business and then its Asian operations.

"David is the best retailer I have worked with in 25 years in the industry," Mr Higginson said.

"Having worked alongside him for 15 years, I know he will bring to Morrisons a focus on the customer, a track record of delivery, flair, talent, and immense energy to his new role."

A third Tesco-trained executive has a key role at Morrisons - chief financial officer Trevor Strain - who was previously Tesco UK's property finance director.