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Martin Scicluna, chairman of insurer RSA and property firm Great Portland Estates, has another board to lead.
In an announcement this morning, retailer J Sainsbury Plc – popularly known as Sainsbury’s – said Scicluna is succeeding David Tyler, who is slated to hand over the reins when the new financial year begins in March 2019.
In the interim, Scicluna will serve as chairman-designate and non-executive director starting November 01. As chairman-designate he will be paid £237,500 annually; £475,000 when he assumes the role of non-executive chairman following the handover period.
“I’m delighted to join Sainsbury’s, a company I have long admired for its clear customer focus and its strong values,” commented the incoming chair. “Mike Coupe and his management team have positioned the business for a successful future of delivering significant value for shareholders, customers, and other stakeholders.
“I am looking forward to working with Mike and his team and my new board colleagues.”
A seasoned executive, Scicluna was with Deloitte LLP for 34 years and held the position of chairman from 1995 to 2007. His vast board experience also includes time spent as non-executive director and audit committee chair at Lloyds Banking Group.
Meanwhile Tyler shared that he has “greatly enjoyed” his nine years as chairman of Sainsbury’s.
“The retail industry has undergone immense change during this period and we have transformed our business so that it can continue to succeed in the medium and long term,” he said. “I remain fully involved in and committed to the business and look forward to welcoming Martin to the board.”
Senior independent director Dame Susan Rice, who led the search for Tyler’s successor, had nothing but nice words for the outgoing chair.
“David has been an outstanding steward of Sainsbury’s during his time as chairman, providing invaluable strategic counsel and guidance, including on the acquisition of Home Retail Group and the proposed combination of Sainsbury’s and Asda,” she noted. “We are grateful for his substantive and important ongoing contribution.
“Martin brings a breadth of experience and leadership and we look forward to welcoming him to the Sainsbury’s board at this pivotal time for the business.”
