In for a pound: Sainsbury’s just poached the chief executive of Poundland
Sainsbury's has gone bargain hunting for its new chief financial officer, after it announced this morning it has appointed Kevin O'Byrne, currently chief executive of Poundland, to the role.
O'Byrne has been chief executive of B&Q UK and Ireland, as well as being its group finance director. He's also previously been group finance director at Dixons.
The appointment comes after former finance boss John Rogers became the chief executive of Sainsbury's Argos after the supermarket bought Argos earlier this year.
Read more: Mike Coupe must explain the maths behind the Sainsbury's-Argos deal
O'Byrne will start his new job in January next year, and will be a member of its board
In a statement today Sainsbury's chief executive said it was an important time for the supermarket.
"We are two years into the delivery of our strategy and this is an important time as we integrate the Argos and Habitat businesses into the group. Kevin brings a wealth of retail and finance experience and a track record in growing businesses. I very much look forward to welcoming him to the team."
O'Byrne himself added: "Sainsbury's is a strong business with a clear strategy and I am really excited about joining at this important point in Sainsbury's journey. I look forward to working with Mike and the team from the New Year."
He may have his work cut out: later this week the supermarket is expected to reveal that its pension scheme deficit has ballooned to £900m. Ouch.