Tesco's US boss pockets £2.2m

Tim Mason, president and chief executive officer of Tesco's US venture Fresh and Easy, has earned more than £2.2m after offloading some of his stake in the supermarket giant.

Soon after the firm announced more than £3bn in profit for 2008, Mason about 630,000 shares at 350.3p a time.

A spokesperson for the company said he still has a 'substantial' shareholding.

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Tesco said this week that it will be shelving plans to accelerate expansion of Fresh and Easy, which operates in the west of the US, after losses for 2009/09 totalled £142m, ahead of the £100m the company had been predicting. The company is expecting similar losses this year.

"Whilst it is still early days, and the economic environment into which we originally launched the business has markedly changed, customers' very positive feedback on our offer has continued to surpass our expectations," Tesco said.

"Research confirms that they love the quality and freshness of our ranges, as well as the prices and the convenient locations of the stores.

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