Sainsbury’s has announced that Justin King, CEO, will step down in July after 10 years in the role.

He will be succeeded by Mike Coupe, currently group commercial director, at the company’s AGM on 9 July 2014.

Coupe will continue as group commercial director and CEO designate in the interim.

David Tyler, chairman, said that King had been a “truly exceptional leader” and that he would leave a “lasting legacy”.

King said: “It has been a privilege to have led the company for the past 10 years and I am incredibly proud of our achievements in that time. I am confident that, under Mike’s leadership, the business will go from strength to strength.”

King was appointed CEO in March 2004, and has previously worked for Asda, Marks & Spencer, Mars, PepsiCo and Haagen Daazs.

During his 10-year tenure at Sainsbury’s, turnover, excluding VAT from continuing operations, saw a 67% increase from £14.4bn in 2003/04 to £24.1bn 2013/14, according to IGD Retail Analysis.

Operating profit rose 59% from £522m to £829m (2012/13)

The number of supermarkets increased by 33% from 447 in 2003/04 to 595 2013/14, with convenience stores up 354% from 136 to 618.

Earlier this month, the company reported a 2.5% increase in total sales in it third quarter, with like-for-like sales growth flat (0.2%) over the the 14 weeks to 4 January 2014.