Marc Bolland, Morrisons' new chief executive

The rumour has finally been confirmed: Marc Bolland (47) will be the new chief executive of UK retailer Morrisons. Taking up his new position on 1 September 2006, Bolland faces the challenge to turn Mossison’s red figures into black ones again. Struggling with the integration of Safeway, Morrisons recently posted its first annual loss of £312.9mn (US$547mn) for the year ending 29 January 2006.
Dutchman Bolland spent the last 20 years of his professional career with Heineken. His last position was Chief Operating Officer and member of the Executive Board. “This is a great opportunity for me to head one of the UK’s leading companies and I am looking forward to the challenge”, Bolland said in a Heineken press statement.
Morrisons chairman, Sir Ken Morrison, recently said that the retailer’s recovery plan would focus on reducing costs and raising margins. Sir Ken allegedly bowed to shareholder pressure and grant Bolland complete executive freedom to succesfully lead the recovery.
Heineken announced that the role of COO will not be replaced, “in line with the company’s intention of streamlining the management structure”.