Sir Ken Morrison and Mike Ashley of Sports Direct have a lot in common, including their attitude to corporate governance. And look at what happened to Morrisons
One is a blunt northern retail patriarch and the other a pile-it-high-sell-it-cheap southerner, but investors might do well to consider the similarities between Sir Ken Morrison, former supermarket boss, and Mike Ashley of Sports Direct.
Ten years ago, Sir Ken was the highly confident leader of a thriving grocery empire he had built up from a handful of shops owned by his dad. Investors loved him because he had delivered strong profit and sales growth for years. Even today, rival supermarket bosses talk about how his legendary attention to detail and in-depth knowledge of food supply chains made Morrisons a regional powerhouse and national brand.