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Morrisons finance boss Gleeson departs following takeover

Morrisons chief financial officer Michael Gleeson is stepping down from the business just months after takeover by US private equity firm Clayton, Dubilier & Rice (CD&R). In a statement on Friday,… View Article

GROCERY NEWS UK

Morrisons finance boss Gleeson departs following takeover

Morrisons chief financial officer Michael Gleeson is stepping down from the business just months after takeover by US private equity firm Clayton, Dubilier & Rice (CD&R).

In a statement on Friday, Gleeson said it was “a good time for me to take on a fresh challenge” after eight years with the retailer.

The announcement comes ahead of a period of refinancing for Morrisons some six months after CD&R beat off strong competition to acquire the business.

Morrisons chief executive David Potts said of Gleeson: “Michael has made a significant contribution to the business over the last eight years. He leaves us with our sincere thanks and with our best wishes for his future endeavours.”

New York-based CD&R bought Morrisons in October for £7billion after a tense bidding war with rival private equity firm Fortress. The deal was orchestrated by ex-Tesco boss Sir Terry Leahy, who works for the private equity group and has taken over as Morrisons chairman.

Gleeson cashed in on the takeover, earning £2.5m from shares he owned as well as undisclosed payouts from future incentive schemes.

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