Sainsbury's CEO sings 'We're in the Money' as staff fear job cuts

Sainsbury's CEO sings 'We're in the Money' as staff fear job cuts

Sainsbury’s CEO, Mike Coupe, was caught on camera singing “We’re in the Money” between TV interviews in which he discussed the Asda merger – a £12billion deal set to increase Coupe’s shares by £600,000.

He was filmed by ITV warbling lyrics from the Broadway hit: “We're in the money, the sky is sunny. Let's send it, lend it, spend it rolling along. We're in the money, the sky is sunny.”

The boss has since apologised for singing the “unfortunate choice of song” and apologised to anyone offended.

"This was an unguarded moment trying to compose myself before a TV interview," he said.

Coupe’s chipper attitude comes amidst reports that Asda and Sainsbury’s workers are fearful about their futures.  

A Sainsbury’s employee, who wished to remain anonymous, told HR Grapevine that staff first head of the merger when it became publicised on Sky News on Saturday.

The staff member alleges they were totally in the dark about the change, with staff finding out more on social media than from their own bosses.

This lack of clarity is also sparking concern for Asda employees.

GMB Scotland say they have been inundated with calls from concerned ASDA staff, despite Chief Executive Roger Burnley writing a letter to all employees informing them there will be no change until the Competitions and Markets Authority (CMA) has investigated the deal.

The stores employ 360,000 in the UK combined across a network of more than 2,800 outlets.

Whilst bosses have promised no one would lose their job as a result and no stores will close, the CMA may be forced to close shops in areas where there is an overlap of both brands.

Number crunching firm GlobalData, however, estimates that at least 75 stores will close – meaning anywhere between 7,500 and 10,000 staff will be without work.

GMB’s General Secretary, Tim Roache, warned that hundreds of thousands of workers stand to be affected, and are demanding answers from Asda regards how workers will be protected.

“All know such announcements tend to be followed by management speak like ‘rationalisation’ in the name of ‘efficiency’. What that usually means is job losses or cuts to pay, terms and conditions,” he said.

Earlier this year, Sainsbury’s announced plans to shake-up its management structures, putting thousands of jobs at risk in the process. HR Grapevine contacted Sainsbury’s who clarified they were not cutting jobs – stressing this was a restructure that did not intend to reduce headcount. Read more here.

Image credit: Sainsbury's

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Comments (1)

  • Carly
    Tue, 1 May 2018 1:33pm BST
    This is terrible for the CEO to be so insensitive whilst there are people fearing the loss of their jobs and after hearing about it all from watching the News. He should be ashamed of behaving so inappropriately.

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