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Sainsbury's King says does not have next job lined up

Source: Reuters - Wed, 29 Jan 2014 11:03 GMT
Author: Reuters
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LONDON, Jan 29 (Reuters) - J Sainsbury Chief Executive Justin King said on Wednesday he did not have another job lined up for when he leaves the British grocer in July.

"I've been 100 percent focused on my job here at Sainsbury's. I have not talked to anybody about any job," he told reporters.

He said media reports linking him with a role in Formula One motor racing were "entirely speculation." But King, who is 52, said he was young enough to take on another big job.

"I'm optimistic that now it's clear what my tenure is at Sainsbury's that opportunities will come my way and I'll consider those as and when they do," he said.

King pointed out that the arrangements for his departure include a "non compete" clause that covers the 12 months after he leaves, ruling him out from taking a position at Britain's other major grocers, including Morrisons, Asda, Tesco and Marks & Spencer.

Sainsbury's said King would be succeeded as CEO by Mike Coupe, the current commercial director, on July 9.

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