Sainsbury's new chair Tyler opens account

New Sainsbury's chairman David Tyler wasted no time in opening his account, snapping up £167,000 of shares in the supermarket chain today.

The former finance boss of GUS, who joins the board at the start of next month and becomes chairman on 1 November, paid 334.3p each for 50,000 shares.

Tyler takes over from Sir Philip Hampton who is leaving the food retailer following his appointment as chairman of government-owned lender, Royal Bank of Scotland.

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The 56-year-old, also chairman of IT contracting firm Logica, will be paid £450,000 a year for working two to three days a week.

In a former life he was finance director at auctioneer Christie's.

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