Sainsbury's chairman 'to quit'

British supermarket giant Sainsbury’s today refused to confirm reports that its chairman is to step down.

The BBC reported that Peter Davis, is to stand down later today.

According to the BBC, he is leaving the chain a year early after some shareholders were said to be unhappy at his £2.4m (€3.6m) bonus for the 2003/04 financial year.

A Sainsbury’s spokeswoman declined to comment.

In May, Sainsbury’s unveiled a 2.9% fall in profits, with institutions apparently threatening to vote against the company’s remuneration report at the annual meeting in July.

Underlying profits for the year dropped to £675m (€1,010m) from £695m (€1,039m) in 2003.