J Sainsbury Place is the third biggest grocer in the United Kingdom. There has been a lot of speculation lately as to when its CEO Justin King is going to give up the reigns of the company. His latest move only fueled the speculation. He has just sold more than 240,000 of his shares for about nine hundred thousand pounds.
Company insiders refused to give the real reason why King suddenly sold a portion of his shares. The move probably caused the drop in prices of Sainsbury shares. King's shares are now believed to be at 1.3 million.
Under King's guidance the store chain has enjoyed more than thirty quarters of continuous growth. The CEO has also stated in the past that he plans to stay on at Sainsbury's helm. His statement has not stopped all the speculations. There has also been a report that King was being considered for a top spot at Formula One.
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