Philip Clarke will step down as CEO of Tesco effective October 1, 2014, in the wake of half yearly sales and profits that did not reach forecast expectations.
The grocer’s board of directors appointed Dave Lewis to succeed Clarke as CEO. Clarke will stay with Tesco until January 2015 to support the transition.
Richard Broadbent, Chairman of Tesco, said that the board deemed it appropriate to turn the company over to “a new leader with fresh perspectives and a new profile.”
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Broadbent was complimentary of Clarke’s time with the company: “Philip has done a huge amount to set a clear direction and reposition Tesco to meet the rapid changes taking place in the retail market. He has achieved a great deal across all areas of the business in the face of considerable pressures. The Board are deeply grateful to Philip for his contribution to Tesco, over the last four decades, as well as more recently as Chief Executive.”
Prior to his appointment, Lewis served as the Global President of Personal Care at Unilever. He served numerous positions in his 28-year tenure at Unilever, including President for the Americas, Chairman of UK/Ireland and Laundry Latin America.
