Sainsbury's CFO to lead Home Retail Group following £1.4bn takeover - ToyNews

Sainsbury's CFO to lead Home Retail Group following £1.4bn takeover

The Group’s current chief executive John Walden is to step down following the £1.4bn deal.
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Sainsbury’s chief financial officer, John Rogers has been lined up to lead the Argos owner Home Retail Group once the takeover has been completed.

The Group’s current chief executive John Walden is to step down following the £1.4bn deal.

Britain’s competition watchdog, the Competition and Markets Authority is scrutinizing the deal but both companies are confident it will be completed in the third quarter.

In his impending new role, Rogers will oversee the combination of Sainsbury’s non-food business with Argos and the digital transformation of Home Retail. He will be based at the Group’s headquarters in Milton Keynes.

Rogers – responsible for finance, group strategy and Sainsbury’s bank - will be succeeded by Ed Barker, the group’s finance director.

On Thursday, June 9th, Argos reported its strongest sales performance in two years, but Home Retail revealed it had set aside £30m to compensate store card customers who were charged excess fees.

Meanwhile, Sainsbury’s saw a 0.8 per cent slide in the last three months after cutting back on promotions in a market that ‘remained challenging.’

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