Morrisons’ finance boss Michael Gleeson leaving just months after private equity takeover
Morrisons’ finance boss is leaving just months after its private equity takeover.
Michael Gleeson joined the supermarket group eight years ago and has been chief financial officer since 2020.
He said that as the takeover by New York-based Clayton, Dubilier and Rice was complete it was ‘a good time to take on a fresh challenge’.
New direction: Michael Gleeson joined the supermarket group eight years ago and has been chief financial officer since 2020
New York-based CD&R bought Morrisons in October for £7billion after a tense bidding war with rival private equity firm Fortress. The deal was orchestrated by ex-Tesco boss Sir Terry Leahy, who works for the private equity group and has taken over as Morrisons chairman.
Gleeson cashed in on the takeover, earning £2.5m from shares he owned as well as undisclosed payouts from future incentive schemes.
Morrisons chief executive David Potts said: ‘Michael has made a significant contribution to the business over the last eight years.’