Tesco moves closer to appointing UK Chief Executive

Tesco is expected to unveil its new UK Chief Executive Officer (CEO) in the early months of next year, according to reports Tuesday.

The retail giant's Chief Operating Officer (COO) Chris Bush is a frontrunner for the role and the announcement could come as early as January when it releases results on Christmas and New Year trading.

Phil Clarke, who has been CEO of the UK company since March 2011, took control of the world's third largest retailer after Richard Brasher stepped down as chief executive.

Clarke has been working to revive the company following its first profit warning in 20 years last January.

The appointment a new UK CEO would free up Clarke so he could work on strategic issues including headwinds in Asia and central Europe.

"This is a tremendously important appointment for Philip Clarke and the group because the UK is the biggest profit centre and the whole group needs Mr Clarke's care and attention," Clive Black, analyst at Shore Capital, told the Financial Times.

Bush has been COO in the UK since February after running the company's business in Thailand.

Tesco's shares were down 0.01% to 341.60p at 11:40 Tuesday.

RD