Tesco's Leahy cashes in before checking out

Tesco's departing chief executive Sir Terry Leahy has pocketed more than £3.3m from a sale of shares in the UK's number one supermarket.

Tesco's departing chief executive Sir Terry Leahy has pocketed more than £3.3m from a sale of shares in the UK's number one supermarket.

He sold 764,576 shares at 432.3p a go. Tesco did not disclose how many shares he still has, if any.

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'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,' he said, as the company announced his departure.

'It has taken 14 years but that strategy has become a firm reality now and so I feel my work is almost complete,' he added.

Tesco overtook Sainsbury's as the UK's top supermarket in 1995. Earlier this month it posted a 12% rise in first half profits despite sluggish underlying sales in the UK.

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