Justin King | |
|---|---|
| Born | (1961-05-17)17 May 1961 (age 64) London, England[citation needed] |
| Education | Tudor Grange Grammar School |
| Alma mater | Solihull Sixth Form College University of Bath |
| Occupation | Businessman |
| Years active | 1983–present |
| Title | Former CEO of J Sainsbury plc |
| Term | 2004–2014 |
| Predecessor | Sir Peter Davis |
| Successor | Mike Coupe |
Justin Matthew KingCBE (born 17 May 1961) is an English businessman. He was the CEO ofJ Sainsbury plc, parent company of the supermarket chain Sainsbury's, for ten years before stepping down in July 2014.[1]
King was previously Director of Food atMarks and Spencer and has held senior positions atAsda. King was involved in the introduction ofHäagen-Dazs ice cream to the UK and has worked forPepsi-Cola International andMars.
Raised inDorridge just outsideSolihull, the son of a petrochemical company salesman, he was schooled atTudor Grange Grammar School (grammar school which became a comprehensive whilst he attended) in Solihull.[2]
King undertook a degree in Business Administration at theUniversity of Bath, graduating in 1983.[3]
In 2009, he was also awarded an Honorary DBA (Doctor of Business Administration) from the University of Bath.[4][5]
After graduating, King went to work forMars, becoming production shift manager onGalaxy chocolate.[6]
King joinedPepsiCo from 1989, being based in the Middle East, then moved toGrand Metropolitan in 1990, where he helped launchHäagen-Dazs ice-cream in the UK as managing director.[6] He moved toAsda in 1994 and became managing director of the hypermarkets division. King moved toMarks & Spencer in 2001, where he managed the M & S food division.
King joined Sainsbury's on 29 March 2004,[7] and was seen as the company's last chance to win back market share from its rivals and remain independent – the previous CEO,Sir Peter Davis, failed to halt the supermarket's slide in market position despite a £3 billion investment in infrastructure. He was offered £675,000 a year salary. King's annual salary at Sainsbury's was £900,000, coupled with a bonus package between £3-£6million annually.[8]
Shortly after joining Sainsbury's, King authorised the removal of the Colleague Christmas Bonus award.The Guardian reported: "The new chief executive of ailing supermarket chain J Sainsbury ran into his first controversy yesterday as it emerged that he has been awarded free shares worth more than £500,000 in the same week as he has axed the £100 Christmas bonus paid to staff."[9] The removal of the bonus was a contentious issue, given its consistent payment for 25 years and also given that this was the yearSir Peter Davis received disputed bonus payments.[9]
In October 2004, King launched his recovery programme for the company under the banner "Making Sainsbury's Great Again".[10] In January 2008 Sainsbury's announced twelve consecutive quarters of sales growth and achieved its target to grow sales by £2.5 billion, 3 months ahead of schedule.[11]
In September 2005, in an interview withThe Guardian King discussed the dominance of principal rival Tesco. While steering clear of calls for aCompetition Commission inquiry into the No.1 UK supermarket, King did call for changes in planning laws to prevent Tesco from achieving a 40% market share. As of 2005 Tesco had more potential development projects than that of Sainsbury,Asda andMorrisons combined. King also criticised Tesco CEOTerry Leahy for questioning the accuracy ofTaylor Nelson Sofres market data. Leahy has argued that TNS overestimates the size of his company's market share.
He was appointedCommander of the Order of the British Empire (CBE) in the2011 Birthday Honours for services to the retail industry.[12]
King announced in January 2014 that he would be leaving his post as CEO in July 2014, with the company's Group Commercial DirectorMike Coupe being announced as his successor.[13]
In March 2015, King was appointed interim chairman of theManor Marussia F1 Team laterManor Racing.[14]
He lives in the village ofHarbury, just south ofLeamington Spa, Warwickshire. A self-admitted petrol-head, King traded hisMaserati Quattroporte for aLexus LS600h L in March 2008 on environmental grounds.[15]
King is an ambassador forThe Scout Association.[16] In 2007, he received an honorary doctorate fromBournemouth University.[17][18]
In April 2011, King gave half his shares in Sainsbury's to his wife Claire for "financial planning purposes".[19] She divorced him three months later, after 21 years of marriage.[20]
Their sonJordan King is aracing driver, who competed inFormula Three[21] and inFormula 2 until moving to theIndyCar Series for 2018.
Jordan King, son of J Sainsbury chief executive Justin
| Business positions | ||
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| Preceded by | CEO ofSainsbury's 2004–2014 | Succeeded by |
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