By Mark Kleinman, City Editor
Directors of J Sainsbury have retained headhunters to help prepare for the eventual departure of Justin King, the chief executive of Britain's third-biggest supermarket chain.
I have learnt that David Tyler, Sainsbury's chairman, has engaged Egon Zehnder International, the executive search firm, to work on succession planning for one of the biggest jobs in British business.
Although Mr King remains committed to the role and is unlikely to leave for at least a year, the hiring of headhunters by Mr Tyler, which is understood to have taken place some time ago, indicates that the chief executive's exit is now being actively prepared for.
The likeliest successor to Mr King is seen in the City as Mike Coupe, Sainsbury's commercial director and a long-standing colleague of the current boss.
Other candidates are being considered as part of the process being run through Egon Zehnder. Analysts suggested that John Dixon, Marks & Spencer's general merchandise director, and Kate Swann, the departing chief executive of WH Smith, were likely to be considered.
When Mr King does step down, he will leave having achieved a transformation of Sainsbury's business, if not the company's share price.
When he arrived nine years ago, Sainsbury's was beset by distribution and marketing crises, with City analysts questioning whether it could recover the ground it had lost to Tesco and Asda.
Although it is still ranked in third place by some measures, Mr King has won plaudits for the way he has cemented Sainsbury's brand among Middle England customers and for the quality of its food and own-label ranges.
A former member of David Cameron's business advisory group, he was also credited with Sainsbury's successful involvement with last year's Paralympic Games.
Mr King has also had to fend off a takeover bid during his tenure, in the shape of an approach from the Qatar Investment Authority in 2006. The Qataris remain Sainsbury's biggest shareholder.
People close to the process played down the idea that Mr King had identified a specific date for his departure or that any announcement would be made in the near future.
Sainsbury's will announce its full-year results on May 8, when it is expected to unveil the ninth consecutive rise in annual profit since Mr King joined the company. An announcement on that day about Mr King's planned departure is not likely.
A former Asda and Marks & Spencer executive, he has frequently been linked with a move to other retail jobs as well as roles outside the sector.
Mr King has no concrete plans beyond completing his tenure at Sainsbury's, one friend said.
Repeating a statement made last year which had been triggered by a report that Mr King's departure would be announced in February, a Sainsbury's spokeswoman said: "Justin has made his commitment to the business clear and is excited about the opportunities to grow and develop it.
"Any discussion of succession is totally premature."
The spokeswoman declined to comment on Egon Zehnder's work on planning for Mr King's departure, although the firm is understood to work on a range of board succession projects for the company.
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