Tesco boss falls on his sword - UPDATE
Richard Brasher, the head of Tesco's UK operations, is to quit after only a year in the job.
Richard Brasher, the head of Tesco's UK operations, is to quit after only a year in the job.
The move comes after Group Chief Executive Officer, Philip Clarke, said he would "take a much closer involvement in the UK business" following the supermarket firm's first profit warning in 20 years.
"I have decided to assume responsibility as the CEO of our UK business at this very important time," Clarke said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"I completely understand why Richard has decided to leave and want to thank him for the great contribution he has made over many years," he added.
Brasher will step down from the board with immediate effect and leave the company in July once he has effected a smooth transition of the UK business to Clarke, Tesco said.
Retail analysts said lacklustre results from the firm's Price Drop campaign and a clash of personalities between Brasher and Clarke were to blame.
Tesco's market share slipped to 29.7% in February from 30.3% a year earlier.
Under-performance in the UK market has prompted Tesco to announce it will revamp its current stores, build fewer mega-stores and focus on its online business.
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published