Justin King to step down as Sainsbury's boss

In a statement to the stock market, Mr King said it was "not an easy decision for me to make" and that it would "never feel like the right time to leave a company like Sainsbury's".

Mr King will be replaced by Mike Coupe, the group commercial director and Mr King's right-hand man.

Shares in Sainsbury's fell by 3pc in early trading.

Since the collapse of Lehman Brothers, Sainsbury's has consistently outperformed its main rivals Tesco, Asda and Morrisons. This Christmas, it reclaimed second place in the grocery market when its market share overtook Asda.

Mr King will be replaced by Mr Coupe at the Sainsbury's annual meeting in July.

David Tyler, the chairman, said: "Justin is a truly exceptional leader, who has reshaped Sainsbury's during his 10 years as CEO, as well as playing a leading role in the sector and wider business world.

"The board thanks him for his outstanding achievements in 'Making Sainsbury's Great Again'. He leaves a lasting legacy, with the company stronger than ever."

Mr King, who did not say what he planned to do next, said: "This was not an easy decision for me to make, and in truth it will never feel like the right time to leave a company like Sainsbury's.

"It has been a privilege to have led the Company for the past 10 years and I am incredibly proud of our achievements in that time.

"It is the 157,000 colleagues that make Sainsbury's so special and I would like to thank them for their amazing efforts over the last decade in making Sainsbury's great again. I am confident that under Mike's leadership the business will go from strength to strength."

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