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The Tesco chief executive, Dave Lewis, has announced his surprise departure after five years at the helm of the UK’s biggest retailer.
The former Unilever executive said he had completed the turnaround plan he set in train following the company’s 2014 accounting scandal and would leave the company in a “position of strength”. He will be succeeded next summer by Ken Murphy, who is the chief commercial officer at American retail giant Walgreens Boots Alliance.
“My decision to step down as group chief executive is a personal one,” said Lewis. “I believe that the tenure of the chief executive should be a finite one and that now is the right time to pass the baton.
“The leadership team is very strong, our strategy is clear and it is delivering. I have no doubt that Tesco will kick on again under new leadership next year.”
The Tesco chairman, John Allan, said that it was with “regret” that he had accepted Lewis’s resignation. “Dave has done an outstanding job in rebuilding Tesco since 2014 and he continues to have unwavering support from the board,” said Allan.
“Some time ago, however, he indicated to me that he was considering the best time to hand over to a successor.” He described Murphy as a “seasoned” leader with “deep commercial, marketing and brand experience within retail and wholesale businesses”.
More follows soon …
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