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Terra Firma names ex-Sainsbury chief King as vice chairman

Terra Firma names ex-Sainsbury chief King as vice chairman

<span class="focusParagraph articleLocation”>Justin King, the former chief executive of British supermarket chain operator J Sainsbury Plc, is joining Guy Hands’ Terra Firma Capital Partners as vice chairman, the UK private equity firm said.

King, who is credited with reviving Sainsbury’s fortunes and firming up its position as one of the top four grocers in the UK, stepped down as Sainsbury’s CEO last July amid much speculation after a decade at the helm.

Under King, Sainsbury’s clocked nine years of quarterly sales growth.

King has since taken up advisory roles at some private companies and even led the review of safety practices at Thomas Cook, after the holiday company made headlines over the death of two children during one of its holidays.

Terra Firma said on Tuesday King would also lead its portfolio businesses, which hold investments in sectors ranging from healthcare to energy.

“This is a great fit for both sides … Justin has turned around and run businesses in various sectors. He will be able… to drive forward Terra Firma’s agenda with its existing portfolio,” Hands said in a statement.

Terra Firma, since its inception in 1994, has invested over 16 billion euros ($18 billion) in 33 businesses with an aggregate enterprise value of over 48 billion euros, according to its website.

The firm is planning to launch the sale of its European cinema chain, Odeon & UCI Group, towards the end of this year.

Sky News, which was the first to report the appointment, said King was likely to play a role in any future fundraising efforts and help with the revival of the firm hurt by the seizure of EMI Music in 2011 by Citigroup. (bit.ly/1OsfZ1w)

King, a retail industry veteran, has worked at Marks and Spencer Group Plc and Wal-Mart Stores Inc’s British arm, Asda.

Terra Firma also said it was promoting General Counsel Trudy Cooke to the position of chief operating officer and Head of Tax Dominic Spiri to the role of chief financial officer. ($1 = 0.8951 euros)

(Reporting by Esha Vaish in Bengaluru; Editing by Saumyadeb Chakrabarty)


Terra Firma names ex-Sainsbury chief King as vice chairman

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