His own son William owns 2.1m of his own, giving them a combined stake of £11.9m in what has proven to be the more successful chain.
It’s now emerged that a few months before Sir Ken made these comments he was buying shares in Sainsbury’s.
Speaking about the Sainsbury’s share purchase, Sir Ken told The Times: “It is a well-run company”.
Sir Ken holds 2.6 million shares worth £6m and has given Mike Coupe, the chief executive at Sainsbury’s, his public backing.
The revelation that Sir Ken is betting on the success of Sainsbury’s over Morrisons should come as no surprise to investors.
This was in stark contrast to his remarks at a previous AGM when he described the strategy under sacked boss Dalton Philips as “bulls****”. Sainbury’s share price has risen 3.5 per cent this year, while Morrisons has been relegated from the FTSE 100 as its share price decreased by 19.3 per cent in the same period. Profits have collapsed, the group has been forced to sell its loss-making convenience store portfolio, and the dividend has been cut.
The 84-year old former Morrisons’ chairman is thought have acquired numerous Sainsbury shares in April 2014, as his frustrations with the former management team of Morrisons apparently peaked.
Benefits at Morrisons have gotten hammered in the midst of extraordinary competition from rebate retailers, Aldi and Lidl.
More in AmeriPublications
South Korea appeals to China to rein in North over nuclear tests
South Korea’s Defense Ministry couldn’t immediately confirm the report.January 21, 2016
Satellite SpaceX fail as rocket topples over while landing
According to a message on Twitter wrote by SpaceX founder Elon Musk, one of the rocket’s landing legs didn’t latch into...January 21, 2016
Ruble Falls to 82 Against US Dollar, 90 Against Euro
Russian Federation is running a budget deficit of 3 percent of GDP this year, and the government is looking to cut...January 21, 2016
19 killed in university attack in Pakistan
He said the operation had ended and security forces were clearing the area, with most of the student victims shot dead...January 21, 2016
Moldova political crisis: Protesters break into parliament
Police arrested several protesters after they clashed with security forces and broke into the parliament building on Wednesday, according to local...January 21, 2016
Military step up search and recovery operation after Somalia raid
MOGADISHU Somalia (Xinhua) – Somalia’s Islamist militant group Al-Shabaab claimed on Sunday to have killed 100 Kenyan soldiers serving under the...January 21, 2016
Sarah Palin: Speculation rife former Alaska governor set to endorse Donald Trump
“And that starts from the top”, she said. “You deserve the best!”January 21, 2016
Bombing close to Russian embassy in Kabul kills 7
At least seven people died on Wednesday when a suicide bomber targeted the Moby Group, a major media production company in...January 21, 2016
NYS Health Officials Advise MDs to Watch for Zika Virus
The move comes after United States health chiefs issued an alert on Friday advising pregnant women to avoid travelling to Brazil...January 21, 2016