Sir Ken Morrison has urged shareholders of the supermarket his family founded to be patient and allow the firm's new management team "breathing space" to restore the company's fortunes.
Sir Ken, who stood down as chairman and chief executive in 2008, did not repeat his stinging criticism of the faltering performance of the company he made at last year's AGM.
He was the first to ask questions of the board at this year's meeting in Bradford, following addresses to shareholders from new chief executive David Potts and chairman Andrew Higginson, who joined a year ago.
The 83-year-old said he was reassured by the new team's "stated intention to restore the company to its glory days" and added: "It is a big job to restore the company's fortunes. Please be patient and allow the new management some breathing space."
The life president's comments follow his interjection at last year's AGM when he gave former chief executive Dalton Philips a dressing down.
Sir Ken described Mr Philips's strategy as "bullshit", as the then-boss faced intense pressure amid sliding sales and a fierce supermarket price war.
Mr Philips left the firm in January and his pay-off package was questioned by a number of shareholders at the AGM.
Mr Higginson said Mr Philips was paid up according to his contract and defended the company's executive bonuses more generally.
More than one in three votes cast were against the remuneration policy.
The AGM comes after Morrisons was saved at the last minute from being kicked out of London's blue chip index after its first rise in sales for nearly 18 months sent shares surging.
It was confirmed on Wednesday that the firm will remain in the FTSE 100 Index, narrowly avoiding an embarrassing relegation to the FTSE 250, which would have ended more than 14 years in the top flight.
Sir Ken told shareholders: "It gives me great pleasure to be present at the introduction of a new chairman and a new CEO. I've personally met both of them and I am assured by their stated intention to restore the company to its glory days.
"I have indicated my willingness to assist in any way I can. And I have recommended a number of people, including some of my former colleagues, who can help to recapture the spirit of former days."
Speaking after the meeting, Mr Higginson said he welcomed Sir Ken's intervention.
He said: "Personally, it was very helpful. Obviously he was very supportive of myself and David.
"He is a legend in the industry but obviously he's a very specific legend in this business, to this AGM. So his voice carries a lot of weight and rightly so."
And the chairman said he welcomed Sir Ken's suggestion of using people from the company's past.
Mr Higginson said: "I think the idea of building bridges back, which have been taken down a bit in recent years, to the old team who were the core of the Morrrisons business, that is something we would be anxious to do, really."
Asked if he thought the shareholders would take on board Sir Ken's call for patience, he said: "I think they're rightly sceptical. At the end of the day, the numbers will decide whether they're happy or not.
"This is about eventually driving shareholder value but you have to start with the customer at the heart of business in the market. This is the most competitive market in the world."
The chairman added: "Ken is a fantastically knowledgable, impressively able observer and adviser to the business but David Potts is the chief executive who will make the decisions."
Mr Potts said: "Sir Ken Morrison's contribution to British retail, in my experience, stretches much further than Morrisons. So that the idea that in the job I'm privileged to hold I can hear Ken's point of view, I think is invaluable."
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article