An outbreak of sanity at Wm Morrison

Morrison's new non-executive directors – at Moneyweek.co.uk - the best of the week's international financial media.

The outbreak of "boardroom sanity" at Wm Morrison is the best news to come out of the retailer for weeks, said Martin Dickson in the FT. After a showdown, deputy chairman David Jones has forced chairman Sir Ken Morrison to accept three of four new non-executives that shareholders want on the board. Jones has hitherto been the sole non-executive director, reflecting Sir Ken's dislike of non-execs, which he regards as a waste of money. Morrison has issued five profit warnings since it bought Safeway last year, and the retailer is bowing to calls for better corporate governance.

Yet the "arrogant and cantankerous" Sir Ken has made it clear that he won't put out the red carpet for its three new members, said Patience Wheatcroft in the Times. He claims to be angry because none of the new appointees are heavy-hitters who will command the automatic respect of the City. It seems rather that the 73-year old is bitter because, for the first time in many years, he is unable to play dictator at the company.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up