Sainsbury’s CEO Mike Coupe caught singing ‘We’re in the money’ after US$10 billion deal with Walmart
Sainsbury’s has announced a merger with Walmart-owned UK supermarket chain Asda, giving Walmart will a 42 per cent stake in the combined companies
By Dennis Green
Sainsbury’s CEO Mike Coupe might’ve chosen a different song to sing between TV interviews if he wanted to avoid scrutiny.
The UK supermarket CEO was caught on camera by British broadcaster ITV singing a popular show tune, “We’re in the money,” from the musical “42nd Street.” The ensuing interview was about how his company had just entered into an agreement to merge with a competing grocery chain, the Walmart-owned Asda.
Walmart would get a 42 per cent share of ownership in the combined company and a payment of over US$4 billion in cash. Sainsbury’s said the US$10 billion deal would save the company almost US$700 million a year, and its shares rose after the news of the merger hit.
Coupe released a statement of apology for his song choice.
“This was an unguarded moment trying to compose myself before a TV interview,” he said to ITV. “It was an unfortunate choice of song, from the musical 42nd Street which I saw last year and I apologise if I have offended anyone.”