Sainsbury's Bank chairman Davis to step down [Reuters]
J SAINSBURY PLC S/ADR (JSAIY)
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Source: Reuters
Sainsbury's Bank chairman Davis to step down LONDON (Reuters) - British supermarket group Sainsbury’s ( SBRY.L ) said on Wednesday that Roger Davis, chairman of its poorly performing banking division, will step down. A search to replace Davis, who has chaired the bank for nearly seven years, will begin and a further announcement regarding timings of his retirement and news of his successor will be made in due course, it said. The announcement comes five months after Sainsbury’s completed a strategic review of its financial services business, which made an underlying operating profit of just 20 million pounds ($26 million) in the six months to August 31. At its capital markets day in September, Sainsbury’s detailed a plan to double the division’s underlying profit within five years. It stopped mortgage sales and said it would not inject any more group capital into the division after 35 million pounds in the first half of its 2019-20 year. Sainsbury’s said last month that Simon Robert
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