Leahy to Step Down as Tesco CEO
Philip Clarke (50) will become Chief Executive of Tesco plc in March 2011. Philip has worked at Tesco throughout his career spending many years in retail and commercial.
9 Jun 2010 --- Sir Terry Leahy has decided, after an outstanding career at Tesco, to retire in March 2011 at the age of 55 after 14 years as CEO. The Tesco Board has moved to implement its long-term succession plan, with Philip Clarke succeeding Sir Terry and a number of other Board changes.
David Reid, Chairman, said ‘Terry has made an unrivalled contribution over a prolonged period. He is undoubtedly one of the leading businessmen of his generation. He has put in place a strategy which can secure the progress of Tesco for years to come.’
Sir Terry said: ‘When I became CEO I had a plan to build Tesco around its customers, to make it number one in the UK and to find new long term growth in non-food, in services and in international expansion. I wanted to develop a purpose and values that could sustain Tesco through its challenges and encourage and grow future leaders.It has taken 14 years but that strategy has become a firm reality now and so I feel my work is almost complete.’
‘I am delighted Phil Clarke has accepted the role of CEO from March 2011. I have worked with Phil at Tesco for many years and I am confident he has all the necessary talent, energy and experience to take the group forward. He will be supported by an outstanding team of senior executives who together represent one of the strongest leadership teams in the world of retailing’.
‘There is no better job than leading Tesco and after retirement I will concentrate mainly on private investment. I will, of course, keep a large shareholding in Tesco and remain its biggest supporter.’
Philip Clarke (50) will become Chief Executive of Tesco plc in March 2011. Philip has worked at Tesco throughout his career spending many years in retail and commercial. He joined the Tesco Board in 1998 and currently has responsibility for the group’s growing international operations in Asia and Europe as well as group IT. Clarke said: ‘I am honoured and delighted to succeed Terry who has taught me so much. I am very excited by the opportunity to lead such a fantastic team of executives, many of whom I’ve worked with for years. Together we will build a global business which focuses on the customer and fully respects our people, our communities, our supply chain and our shareholders.’
Tim Mason (52), President and CEO of our Fresh & Easy business in the USA, will be given the additional group responsibility for branding, our values and climate change and will become Deputy CEO of Tesco plc. He will continue to be based in the US.
David Potts (53) will become the first CEO of our growing Asia business. He is currently Retail and Logistics Director in the UK, as well as having responsibility for the Republic of Ireland.
Richard Brasher (49), currently Commercial Director, will assume the newly-created role of CEO of the UK business and take responsibility for the Republic of Ireland.
Andrew Higginson (52), will continue as CEO Retail Services (comprising Tesco Bank, Tesco Telecoms, Tesco’s internet business and Dunnhumby).
Meanwhile Tesco has announced that Rodney Chase CBE will retire as a Non-executive Director, with effect from the end of this year’s Annual General Meeting, to be held on 2 July. Patrick Cescau, who has served on the Board since February 2009, will replace Rodney Chase as SID with effect from the same date.
The Company expects to be in a position to announce the appointment of new Non-executive Directors to replace Mr Chase, as well as Charles Allen CBE and Dr Harald Einsmann, whose retirements were previously announced, shortly. The replacement for Mr Allen as Chairman of the Remuneration Committee will also be announced at that time.
