Britain's major retail chain Tesco plc (TSCO.L) Tuesday said its Chief Executive Officer Sir Terry Leahy will retire in March next year, and as per its long-term succession plan, Philip Clarke, the current head of international operations, will succeed Leahy.
Clarke joined Tesco's board in 1998 with responsibility for the Supply Chain, and was later added with information technology responsibility. He took over international operations responsibility in 2004, retaining his role as head of information technology operations. He has been a non-executive director of Whitbread plc since November 2005 and is a member of the board of ECR Europe.
Leahy joined Tesco in 1979, and has held a number of marketing and commercial positions prior to being appointed to the Board in 1992. He became chief executive in 1997, and since then held that role.
'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," Terry said. "It has taken 14 years but that strategy has become a firm reality now and so I feel my work is almost complete."
Leahy said that following his retirement, he will concentrate mainly on private investment and will keep a large shareholding in Tesco.
In addition, the company's long-term succession plan to be implemented from March 2011 includes some changes at board level. Tim Mason, President and chief executive officer of Tesco's Fresh & Easy business in the U.S., will become deputy chief of Tesco plc, and will be given additional group responsibility for branding and climate change. He will continue to be based in the U.S.
Retail and Logistics Director in the U.K., David Potts, will become the first chief executive officer of Asia business. Commercial Director Richard Brasher, will assume the newly-created role of chief executive officer of the U.K. business and take responsibility for the Republic of Ireland.
Meanwhile, Andrew Higginson, Laurie McIlwee and Lucy Neville-Rolfe will continue in their current levels as CEO Retail Services, Finance Director, and Corporate and Legal Affairs Director, respectively.
TSCO.L is currently trading on the London Stock Exchange at 396.50 pence, down 10.53 pence or 2.59% on a volume of 14.4 million shares. In the last 52-weeks, the stock traded in a range between 347.40 pence and 454.90 pence.
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