Morrisons CFO stepping down from his post

The chief financial officer of Bradford-headquartered supermarket chain, Morrisons, is stepping down.

Michael Gleeson is this afternoon reported to be departing months after the supermarket chain was taken over by a private equity investor and ahead of a major refinancing.

In a statement released today, Gleeson said it was “a good time for me to take on a fresh challenge.” Morrisons chief executive, David Potts, added he had “made a significant contribution to the business over the past eight years.”

Gleeson, who is a qualified chartered accountant, joined Morrisons in 2014. Before being made CFO he was trading director responsible for ambient grocery, frozen, dairy, fuel and services.

Prior to that he was group financial controller and the supermarket’s finance director. And before joining Morrisons, Gleeson was at Tesco for 15 years in various senior finance roles.

The £10bn cost of the acquisition of Morrisons by Clayton, Dubilier & Rice (CD&R) was financed by £3.4bn of equity and a £6.6bn package of bridging loans that will need to be refinanced.

Morrisons and CD&R had initially considered starting the debt refinancing immediately after the takeover completed, but the Omicron wave of the pandemic meant the process was put off until after Christmas.

A formal date for Gleeson’s departure has not yet been confirmed.