Advertisement

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.

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
Visit/investments/stockmarkets/601611/nasdaq-all-time-high-markets-and-the-real-economy
Stockmarkets

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020
Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020