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LONDON - J Sainsbury plc has announced the appointment of Justin King as group chief executive, effective April 2004. He will succeed Sir Peter Davis, who takes over as chairman on Sir George Bull's retirement at that time.
"Justin's early training with Mars and his food retailing experience with value-oriented ASDA and quality-focussed Marks and Spencer makes him the ideal candidate for Sainsbury's," Davis said. "Justin identifies with our trading strengths and, in an increasingly competitive market, has the talent and experience to drive our business forward on a greatly modernized and improved infrastructure."
Bull, Sainsbury's nonexecutive chairman, led the selection process through the nomination committee. "We instigated a thorough search nationally and internationally through Whitehead Mann, a leading executive search agency, and have considered a number of suitable candidates," he said. "In the final stage the nonexecutive directors were unanimous in selecting Justin King from a shortlist of very well-qualified and experienced candidates."
The nomination committee will now identify a new nonexecutive deputy chairman by April 2004 to succeed Davis as chairman in July 2005.