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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

PUBLISHED : Tuesday, 01 May, 2018, 1:57pm
UPDATED : Tuesday, 01 May, 2018, 5:10pm

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.”

The song’s timing left some wondering whether it was chosen purposely. A spokesperson for Sainsbury’s told the Guardian that “to attach any wider meaning to this innocent, personal moment is preposterous.” 

To watch the entire moment, see below. 

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Read the original article at Business Insider

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