Sainsbury may have to restart the search for a new chairman following investor fury at its appointment last week of Sir Ian Prosser, according to The Sunday Times.
The paper spoke to 10 leading investors who criticised Prosser’s track record and said he did not have the skills the supermarket needs.
The Sunday Telegraph said that chairman-elect at Sainsbury, Sir Ian Prosser will this week go on a charm offensive of the supermarket's largest shareholders to win over critics, some of whom have vowed to block his appointment.
The Sunday Express said Sainsbury shareholders will call for new deputy chairman Sir Ian Prosser to relinquish his directorships at BP and GlaxoSmithKline. Investors are concerned that he will not have enough time to take on the Sainsbury’s job in addition to his other non-executive posts.
Meanwhile, the Financial Times said Sainsbury could be forced into paying hefty compensation to Sir Ian Prosser if it backtracks on its decision to appoint him to the board of the supermarket group.
The FT said that Prosser has already signed a contract with Sainsbury which would give him £150,000 a year as deputy chairman and £350,000 when he eventually takes the chair.
The paper spoke to 10 leading investors who criticised Prosser’s track record and said he did not have the skills the supermarket needs.
The Sunday Telegraph said that chairman-elect at Sainsbury, Sir Ian Prosser will this week go on a charm offensive of the supermarket's largest shareholders to win over critics, some of whom have vowed to block his appointment.
The Sunday Express said Sainsbury shareholders will call for new deputy chairman Sir Ian Prosser to relinquish his directorships at BP and GlaxoSmithKline. Investors are concerned that he will not have enough time to take on the Sainsbury’s job in addition to his other non-executive posts.
Meanwhile, the Financial Times said Sainsbury could be forced into paying hefty compensation to Sir Ian Prosser if it backtracks on its decision to appoint him to the board of the supermarket group.
The FT said that Prosser has already signed a contract with Sainsbury which would give him £150,000 a year as deputy chairman and £350,000 when he eventually takes the chair.
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