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LONDON - Sir Peter Davis is expected to step down as the full-time chairman of Sainsbury's by July, according to inside sources, Bloomberg news reports. There could be an official announcement later this week, when the company's annual results are published.
Davis became chairman in March, after Justin King from Marks & Spencer succeeded him as chief executive. The agreement was that Davis would stay one full-time while King settled in.
Reportedly, however, conflict has developed between Davis and King as Davis attempts to defend his record while King wishes to be viewed as someone restoring Sainsbury's weakened profits.
Sainsbury is still hunting for someone to fill the chairman position when Davis departs for good next year. Major shareholders rejected a bid to give the job to former Bass leader Sir Ian Prosser.