J Sainsbury plc announces today that Bob Stack has decided to stand down as a Non-Executive Director from the Company’s Board. He will leave the Company following Sainsbury’s AGM on 11th July 2012.
David Tyler, Chairman, J Sainsbury plc, said: "I would like to thank Bob for his outstanding contribution since his appointment in January 2005, both as a valued member of the Board and as Chairman of our Remuneration Committee. During his tenure, the Remuneration Committee has progressively introduced a range of plans which have effectively incentivised management through the recovery and growth phases of the last seven and a half years, which has been very much in shareholders' best interests. Sainsbury's has developed a sound reputation for strong governance of remuneration while he has chaired the Committee."
Bob Stack said: "I have thoroughly enjoyed my time on the Sainsbury's Board, and in particular the opportunity to serve as Chairman of the Remuneration Committee for nearly eight years. It has been a pleasure to have been part of one of the UK's most successful retail turnarounds and I leave knowing that the Company is well positioned for further success."
Mary Harris, who has been a Non-Executive Director of Sainsbury's since 2007, will succeed Bob as Chairman of the Remuneration Committee. A search is currently under way for a new Non-Executive Director to join the Sainsbury's Board.
Notes to editors