The outgoing boss of Morrisons owned up to strategic errors in his failed efforts to turn around the supermarket chain’s fortunes after being sacked yesterday.
Dalton Philips is to leave Britain’s fourth biggest food retailer in March, falling victim to a clearout by Andy Higginson, the new chairman, who declared that the company needed a fresh set of eyes.
He is likely to receive compensation of nearly £2 million.
Admitting that his departure was not of his own volition, Mr Philips said: “It’s clearly a sad day. When you get a tap on the shoulder from the board and the board wants a change, you absolutely have to accept it.”
Mr Philips, who had held the post for five years, offered only a partial defence