Sainsbury’s CEO Mike Coupe was caught out expressing his true feelings about his company’s proposed merger with ASDA. And it’s both embarrassing and utterly appalling in equal measure.
Coupe was in the ITV studios waiting for an interview. But when he decided to start singing, he had no idea that the camera was on:
Watch Sainsbury's CEO sing "we're in the money" while waiting to talk about the £12 billion merger with Asda – he's since apologised for his "unguarded moment" https://t.co/Kuaowz0q1u pic.twitter.com/jYMngcahS2
— ITV News (@itvnews) April 30, 2018
“We’re in the money”
The proposed merger between Sainsbury’s and ASDA is worth £13bn. Since the announcement, share prices in Sainsbury’s soared by up to 20% in early trading and “closed 14.5% higher”. So for Coupe, his ditty was apt.
But his optimism will not be shared by many workers. Tim Roache, the general secretary of the GMB union, stated:
What on earth will Asda workers who are worrying about their futures think when they see this? It’s not only crass, it’s completely unprofessional and utterly insensitive. Is Sainsbury’s takeover of ASDA about people – workers and shoppers – or just more profit for its boss?
And this was a view echoed by other people on Twitter:
Yes, people like him will be 'in the money' while staff will be cut, forced to endure worsening conditions and suppliers will be squeezed in order so that those at the top and its shareholders can be 'in the money' https://t.co/rLyeAxcmmj
— TheBfdPplsCoalition (@bpcac) April 30, 2018
Another group which is likely to lose out through the merger are small suppliers:
Sainsbury's CEO is singing "We're in the money."
UK farmers may be feeling less delighted about the prospect of Walmart's ruthless pricing practices being unleashed on them, on top of the severe impact of #Brexit.https://t.co/uzz36l1kC4
— Why to vote Green #FBPE (@WhyToVoteGreen) April 30, 2018
Walmart, the largest private employer in the US and the owner of ASDA, will reportedly retain a significant role after the proposed merger. Critics have previously given Walmart the title of “worst company in America”.
Coupe subsequently apologised for his singing. But this isn’t enough. His actions show utter contempt for workers and suppliers. People are worried about their jobs and their livelihoods as part of this merger. And Coupe’s actions will only make them feel worse.
– Support The Canary so we can keep holding the powerful to account.
Featured image via screengrab
We need your help to keep speaking the truth
Every story that you have come to us with; each injustice you have asked us to investigate; every campaign we have fought; each of your unheard voices we amplified; we do this for you. We are making a difference on your behalf.
Our fight is your fight. You’ve supported our collective struggle every time you gave us a like; and every time you shared our work across social media. Now we need you to support us with a monthly donation.
We have published nearly 2,000 articles and over 50 films in 2021. And we want to do this and more in 2022 but we don’t have enough money to go on at this pace. So, if you value our work and want us to continue then please join us and be part of The Canary family.
In return, you get:
* Advert free reading experience
* Quarterly group video call with the Editor-in-Chief
* Behind the scenes monthly e-newsletter
* 20% discount in our shop
Almost all of our spending goes to the people who make The Canary’s content. So your contribution directly supports our writers and enables us to continue to do what we do: speaking truth, powered by you. We have weathered many attempts to shut us down and silence our vital opposition to an increasingly fascist government and right-wing mainstream media.
With your help we can continue:
* Holding political and state power to account
* Advocating for the people the system marginalises
* Being a media outlet that upholds the highest standards
* Campaigning on the issues others won’t
* Putting your lives central to everything we do
We are a drop of truth in an ocean of deceit. But we can’t do this without your support. So please, can you help us continue the fight?