European equities are trading slightly higher on Monday, with the FTSE 100 up 0.05%. The pound plummeted in early trading, hitting a low of 1.0356.
Monday’s morning roundup brings the latest news from Unilever, Sainsbury’s, and Frasers.
- Unilever announced on Monday that CEO Alan Jope has informed the board of his intention to retire from the company at the end of 2023.
- The board will not proceed with a formal search for a successor and will consider internal and external candidates.
- Unilever CEO Alan Jope said: “As I approach my fifth year as CEO, and after more than 35 years in Unilever, I believe now is the right time for the Board to begin the formal search for my successor.
- musicMagpie announced its trading update and outlook on Monday.
- The company noted despite the challenging microenvironment, it expected an improved trading performance for the second half of the year.
- The group expects second-half profitability to show substantial improvements but its Consumer Technology department has been weaker than expected.
- Cautious consumer behavior in August and September has seen slower outright sales on the musicMagpie store.
- musicMagpie shares tumbled 50% this morning.
- Sainsbury’s announced given the current stock market volatility, LXi REIT is not proceeding with the purchase of 18 supermarket stores.
- The funds received from this transaction would have been used to part-fund the purchase of 21 freehold Sainbury’s supermarkets from the Highbury and Dragon portfolios.
- Sainsbury’s announced it will have no bearing on its financial guidance.
- Moneysupermarket.com announced directorate changes on Monday morning.
- The company announced the appointment of Niall McBride to the Board as Chief Financial Officer.
- Niall is currently Chief Financial Officer at Ocado, having joined in 2020.
- Niall’s start date will be confirmed in due course but will be no later than 3 April 2023.
- Frasers Group reported a mandatory cash-off for MySale Group.
- Frasers has now received an “irrevocable commitment” from Jackson Family Capital to sell 103,745,000 shares to the retail group.
- The agreement means Frasers’ interest in the company now stands at 48.5%, enough to enable a mandatory offer for the Australian firm.