J Sainsbury PLC said Wednesday that Chief Executive Mike Coupe will retire in May and that Simon Roberts has been appointed his successor.
The U.K. retail group SBRY, -1.60% said Coupe will remain in his role until the end of May, and will remain a director until July 2, at which point he will retire. The company said Roberts, currently the company’s retail and operations director, will start the new role as CEO on June 1.
The company said Coupe has agreed to waive any entitlement to bonus and share awards in relation to his period of employment in the 2020-21 financial year.
Sainsbury’s said Roberts base salary will be 875,000 pounds ($1.1 million).