Rather than 'reduce' their prices, they've increased them for anyone without a loyalty card (and in many cases also for those who do have one).
I'm told this is standard practice at places like Tesco?
dutchman wrote:Doritos back up to £2.50 at Morrisons!!!
I assume next they'll offer a 'reduction' to £1.75 for loyalty card holders only?
Morrisons CEO David Potts to step down as ex-Carrefour France boss takes over
David Potts, the retail veteran who steered the supermarket chain Morrisons into private equity ownership, is stepping down after nine years as chief executive.
He will leave in November, and be succeeded by the former head of the Carrefour France grocery chain, Rami Baitiéh.
Potts’s departure comes a little more than a year after the £7bn takeover of the retailer by the US private equity firm Clayton, Dubilier & Rice (CD&R) cleared its final regulatory hurdle after an intense bidding war.
Morrisons said Baitiéh would “work closely with David Potts to ensure a smooth handover period”.
Sir Terry Leahy, the former boss of Tesco who is now a senior adviser at CD&R, thanked Potts for his “nine years of dedicated service to Morrisons” and its customers.
Praising Potts’s “extraordinary service”, Leahy said he had “skilfully led the renewal of the Morrisons brand as well as navigating several twists and turns during his tenure, including the Covid pandemic and the cost of living crisis”.
He said Potts left the company “poised for growth”.
The group’s most recent annual results, released in March, showed it slumped to a £1.5bn loss during its first full year in private equity ownership.
A substantial portion of the £1.5bn pre-tax loss for the period was related to finance costs of £593m, which included interest payments on external debt, as well as interest on its lease liabilities and interest payable on loans to group companies.
Potts’s remuneration during his time as Morrisons chief executive drew criticism over several years, particularly after a pay rise resulted in him being awarded a total pay package of £5.3m for 2017, a significant increase compared with a salary of £2.8m in 2016 and £2.3m in 2015.
His pay rose again to nearly £6m for 2018, and remained above £4m in the final years of the supermarket’s time as a public company.
His remuneration returned once again to the spotlight in June 2021, when Morrisons shareholders voted overwhelmingly against the award of millions of pounds in bonuses to Potts and other executives who missed profit targets during the pandemic.
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