Last checked at 7 Nov 2016 10:15
07 November 2016
J SAINSBURY PLC APPOINTS KEVIN O'BYRNE AS CHIEF FINANCIAL OFFICER
J Sainsbury plc today announces the appointment of Kevin O'Byrne as Chief Financial Officer. This follows the move of John Rogers from being CFO of J Sainsbury plc to CEO of Sainsbury's Argos, following Sainsbury's successful acquisition of Home Retail Group plc on 2 September 2016. Kevin will join the business on 9 January 2017 and will be a member of the J Sainsbury plc Board and the business's Operating Board.
Kevin O'Byrne is currently CEO of Poundland Group. Kevin previously held executive roles at Kingfisher plc from 2008 to 2015, including CEO of B&Q UK & Ireland and Group Finance Director. Prior to this, Kevin was Group Finance Director of Dixons Retail plc. Kevin is a Non-Executive Director and Chairman of the Audit Committee of Land Securities Group PLC.
Mike Coupe, Group Chief Executive of J Sainsbury plc, said: "I am delighted to announce the appointment of Kevin as Chief Financial Officer of Sainsbury's. We are two years into the delivery of our strategy and this is an important time as we integrate the Argos and Habitat businesses into the group. Kevin brings a wealth of retail and finance experience and a track record in growing businesses. I very much look forward to welcoming him to the team."
Kevin O'Byrne said: "Sainsbury's is a strong business with a clear strategy and I am really excited about joining at this important point in Sainsbury's journey. I look forward to working with Mike and the team from the New Year."
Ed Barker will continue as Interim Chief Financial Officer until Kevin joins the business and will continue to have a leading role in the business.
No further information is required to be disclosed under LR9.6.13 of the UK Listing Rules.
ENDS
Enquiries:
Investor Relations: Media Relations:
James Collins +44 (0) 20 7695 0080 Louise Evans +44 (0) 20 7695 7295
www.j-sainsbury.co.uk
Sainsbury's Press Office press_office@sainsburys.co.uk
T. 020 7695 7295
Notes to editors
Kevin O'Byrne will receive an annual salary of £625,000. He will be eligible to participate in the incentive arrangements operated for Sainsbury's executive directors. He will also receive an award to compensate for remuneration arrangements forfeited on leaving his previous employer. All elements of Kevin's package will be consistent with the shareholder approved Directors' Remuneration Policy. In line with the standard three-year term, Sainsbury's Remuneration Policy is next due for approval at its AGM in July 2017.
About J Sainsbury plc
Notes to editors
Sainsbury's commitment to helping customers live well for less has been at the heart of what we do since 1869. Today that means making our customers' lives better and easier every day by offering great quality and service at fair prices - across food, clothing, general merchandise and financial services - whenever and wherever they want it.
As our customers' lives change, so will our business. Sainsbury's acquired Home Retail Group, the owner of Argos and Habitat, on 2 September 2016, creating one of the UK's leading food and non-food retailers - a multi-product, multi-channel business with fast delivery networks. J Sainsbury plc operates over 2,000 stores - 601 supermarkets, 782 convenience stores, 837 Argos stores (including concessions) and three flagship Habitat stores - together with major online channels for food, clothing, general merchandise and financial services. We sell over 90,000 products and employs 195,000 colleagues across the UK and Ireland.
Sainsbury's Bank offers accessible financial services products such as credit cards, insurance, travel money and personal loans that reward customers. Our vision is to be the most trusted retailer where people love to work and shop. Our colleagues, strong culture and values are integral to achieving this vision and driving our success - now and in the future.