Sainsbury’s investors want the store to speed up the recruitment of a new chairman, as they fear it is hampering chief executive’s Justin King future plans.
Large shareholders are concerned that Sir Peter Davis’s elevation to the chairman’s seat at the end of March is stifling King’s efforts to revive sales and profits.
Investors believe King has the credentials to the group’s fortunes around, if he is allowed to reverse Sir Peter’s policy of taking the group upmarket, which has cost £3 billion.
One leading shareholder said: “The sooner Sir Peter is replaced the better. Justin King needs a new chairman. This company needs to move on.
The supermarket pointed out that Kind has told the city that he does not feel Sir Peter is hampering him.
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