How Transition from PLC to PE Ownership is giving Morrisons a Fresh Start
When UK supermarket giant Morrisons switched from PLC to PE ownership, the spotlight was cast on the treasury team as the new structure took shape. Luke Harris, seconded from Deloitte as Interim Head of Treasury, Morrisons, talks to TMI about people, processes, and technology.
When big changes are underway, it pays to be a good communicator. This has certainly been the guiding value for the interim treasurer of UK top-five retail supermarket Morrisons. The path to successful change has been steep.
But Harris, seconded between July 2023 and December 2023 from his Assistant Director, Treasury Advisory role within Deloitte’s Performance Improvement Team under Financial Advisory, has called upon a broad skill set that places people on an equal footing with processes, governance, and technology. And by building strong foundations upon these pillars, he believes the progress of Morrisons’ permanent treasurer, who has since taken up position, will be sustained for years to come.
Morrisons, its 497 stores, more than 100,000 employees and 9.1% share of the UK market, de-listed and transitioned to PE ownership back in October 2021. The £7bn deal saw transfer of the 125-year-old Bradford-headquartered grocery giant from the public sphere into US-based private equity firm Clayton, Dubilier & Rice (CD&R).