Morrisons shake-up sees five senior execs check out

LONDON (ShareCast) - Supermarket group Morrisons has announced a major management reshuffle, with five senior executives axed less than 10 days after new chief executive David Potts got his feet under the table. Potts said he aimed to put together a "a leaner management board, with the aim of simplifying and speeding up the business".

Retail director Martyn Fletcher, customer marketing & digital director Nick Collard, property and strategy director Gordon Mowat, logistics director Neal Austin and convenience managing director Nigel Robertson are all stepping down from the board and leave the company.

Spared the sword, Ross Eggleton will continue as logistics chief while Miles Foster will head the M local convenience chain.

Andy Atkinson, formerly director in charge of own brand and sourcing, has been appointed interim marketing director, with retail HR director Clare Grainger appointed interim retail director.

Former Asia chief at Tesco (Xetra: 852647 - news) , Potts was himself appointed at Morrisons in February to replace axed CEO Dalton Philips, beginning work on 16 March.

Results for 2014 from Morrisons last week saw like-for-like sales improved in the fourth quarter but an annual £792m loss before tax was reported after it wrote down the value of its stores by £1.3bn and announced 23 convenience store closures.

The company said the trading environment was tough in 2014 and it did not expect any change this year.