Advertising company WPP’s (WPP) appointment of key Sainsbury’s (SBRY) executive John Rogers as chief financial officer looks a good get for the company and is a blow for the supermarket.
Shares in WPP are up 1.2% to £10.31 while Sainsbury’s is flat at 220.5p.
Rogers is currently the head of Sainsbury's recently-acquired Argos chain and was CFO of Sainsbury's from 2010 to 2016.
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He will join WPP in early 2020 to succeed Paul Richardson, who had previously announced his retirement from the company.
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'John is not only an accomplished CFO, but also a leader with extensive experience of business transformation,' says WPP chief executive Mark Read.
'His priority will be to lead a finance function that best fosters investment in creativity, technology and talent in support of WPP's new strategy for growth.'
‘A MOST CAPABLE BLOKE’
Sainsbury's says Rogers will leave the company on 31 October.
AJ Bell investment director Russ Mould says: ‘The exit of an obvious internal replacement for current CEO Mike Coupe could suggest the latter is staying put for some time despite the damage to his reputation from the failed merger with Asda.
‘This new ‘dream team’ of WPP CEO Mark Read and Rogers will get to work in early 2020.
‘Read successfully pitched 2019 as a year of consolidation and WPP’s shares have responded positively to solid rather than spectacular progress. Expectations may be higher in the coming 12 months.’
Shore Capital retail analyst Clive Black says: ‘We have known John Rogers for many years in his roles as Sainsbury’s property man, CFO and most recently Argos CEO. He is a most capable bloke and a great appointment for WPP, but a demonstrable loss to the Sainsbury senior management pool in our view.’
