CEO Waives Annual Bonus

1627 WordsJan 27, 20187 Pages
CEO Waives Annual Bonus Wm Morrisons Supermarkets plc is one the leading supermarkets in the United Kingdom. The chain was founded in 1899 by William Morrison, with headquarters situated in Bradford, England. At the beginning of 2010, Dalton Philips was appointed Chief Executive Officer of the company. Since becoming the company’s Chief Executive, Dalton Philips has piloted Morrisons into various new business ventures geared towards the growth of profit. The company has introduced e-commerce as a means of purchasing its goods and launched a series of convenience stores, in conjunction with renovating existing retail locations to exemplify a more contemporary appearance and atmosphere. After completing the revamping of Morrison supermarkets and implementing more convenient purchasing methods for consumers, the chain was startled to observe a decline in profits. At year-end of 2012, Morrisons witnessed a 2.5% decline in sales performance, intensified to a 5.6% decline in sales at the year-end of 2013. Simultaneously, competing supermarkets throughout England were able to maintain their sales, and in some cases, even exceed sale targets. As Morrisons struggles to regain its control in the supermarket industry of England, the performance of Chief Executive, Dalton Philips, has been under tremendous scrutiny. While Morrisons is a publicly traded entity, listed on the London Stock Exchange, as of February of 2014, ambitions have emerged on behalf of the founding

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