Tesco UK boss steps down
Tesco has announced the departure of its UK boss Richard Brasher, after only a year in the role, with chief executive Philip Clarke assuming “greater involvement” and responsibility for the UK business.
Clarke said: “I have decided to assume responsibility as the CEO of our UK business at this very important time. This greater focus will allow me to oversee the improvements that are so important for customers. I completely understand why Richard has decided to leave and want to thank him for the great contribution he has made over many years. The depth of management at Tesco and the strong leadership team across the group allow me to take a more active role in the UK while our other businesses continue to grow.
“Richard has been an architect of our successful format strategy; a true innovator with both Clubcard and the dunnhumby partnership, and, over the last 10 years, has led the transformation of our non-food business and the creation of International Sourcing.
“He will leave behind a UK business which has very strong plans for improvement and, over the last two months, these plans are beginning to show progress, in line with our expectations. I am more determined than ever that these improvements in the UK will result in a better Tesco and an even better shopping trip for customers.”
The latest Kantar Worldpanel figures revealed that the company continued to faces stiff competition from its rivals, with market share falling below 29.7% for the first time since May 2005. This followed a disappointing performance over Christmas and the New Year, which saw a 2.3% fall in like-for-like sales excluding VAT and fuel. This resulted in a 15% plummet in the share price and a profit warning issued in January.