David Potts, the outgoing chief executive of Morrisons, is encouraging older people to return to work as the economy grapples with a shortage of middle-aged employees. Potts, 66, believes that working is a great way to stay active and meet new people. Despite having enough funds for retirement, he has no plans to stop working and is looking for a full-time job at an executive level.
Rescuing Morrisons and Stepping Down
Potts is credited with saving Morrisons from collapse when he took over as CEO in 2015. However, the supermarket has faced challenges in recent years, including a change in ownership and a lengthy competition investigation. Potts admits that these factors made Morrisons less competitive, but the company is now bouncing back with growing sales and an expanding budget food range called Savers.
Investing in Security and Shoplifting Crisis
Morrisons is investing heavily in security measures, such as facial recognition technology, to combat the rising issue of shoplifting. Potts emphasizes the importance of respecting staff and highlights that no one should go to work fearing violence.
Lessons from Potts' Retail Career
Potts started his retail career at a young age and worked his way up to become chief executive. He believes that retail offers a diverse range of opportunities, allowing individuals to travel and stay engaged with ever-changing consumer trends. Potts emphasizes the importance of improving the business, taking people on a journey of improvement, and embracing the values of the company.
Changes at Tesco and Unilever
In other supermarket news, Tesco's UK boss Jason Tarry is leaving after 33 years with the company. Meanwhile, Unilever's new CEO, Hein Schumacher, is toning down the company's focus on social and environmental issues, aiming for a performance-driven culture instead. Unilever has faced criticism for its virtue-signaling and its decision to continue selling Magnum ice creams in Russia amid the conflict in Ukraine.
Potential Takeover for Wagamama Owner
The owner of Wagamama, The Restaurant Group (TRG), has received a takeover request from Pizza Express. This comes just weeks after TRG accepted a £506 million bid from US buyout group Apollo. Pizza Express is looking to disrupt the deal, despite Apollo's premium offer and support from major investors.
Music Royalty Fund Faces Shareholder Revolt
Hipgnosis Songs Fund, a UK-based music royalty fund that owns the rights to songs by artists like Fleetwood Mac and Beyonce, is facing a shareholder revolt. Shareholders have voted against the fund's continuation and blocked a £365 million sale of its US song catalogues. The fund has six months to find a solution for its future.
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