The chairman of the under-fire supermarket chain Morrisons has announced he plans to step down.

Sir Ian Gibson told the board this morning that he will not be seeking re-election at next year’s annual general meeting. Sir Ian said: “This term will take me into my eighth year on Wm Morrisons’ board, and this announcement gives the board time to conduct an orderly search for a new chairman and ensure a smooth transition.”

The decision to step down comes as reports suggest that Morrisons is to look at a management restructure. This could mean the loss of up to 2,000 jobs, according to The Guardian. It said the move would likely affect managers overseeing product categories such as fresh food or non-food across the chain’s 500 stores.