CEO of supermarket chain caught singing 'We're in the money' after $10 billion deal with Walmart
- Mike Coupe, CEO of the UK-based supermarket chain Sainsbury's, was caught on tape singing "We're in the money" before a live TV interview on Monday.
- Sainsbury's has announced a merger with Walmart-owned UK supermarket chain Asda. Walmart will have a 42% stake in the combined companies.
- Coupe later apologized.
Sainsbury's CEO Mike Coupe might've chosen a different song to sing between TV interviews if he wanted to avoid scrutiny.
The UK supermarket CEO was caught on camera by British broadcaster ITV singing a popular show tune, "We're in the money," from the musical "42nd Street." The ensuing interview was about how his company had just entered into an agreement to merge with a competing grocery chain, the Walmart-owned Asda.
Walmart would get a 42% share of ownership in the combined company and a payment of over $4 billion in cash. Sainsbury's said the $10 billion deal would save the company almost $700 million a year, and its shares rose after the news of the merger hit.
Coupe released a statement of apology for his song choice.
"This was an unguarded moment trying to compose myself before a TV interview," he said to ITV. "It was an unfortunate choice of song, from the musical 42nd Street which I saw last year and I apologise if I have offended anyone."
The song's timing left some wondering whether it was chosen purposely. A spokesperson for Sainsbury's told the Guardian that "to attach any wider meaning to this innocent, personal moment is preposterous."
To watch the entire moment, see below.
