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08/06/2010
Tesco CEO Retires
The boss of the UK's most successful supermarket chain is to park his shopping trolley.
Sir Terry Leahy has announced he is to retire in March 2011 at the age of 55 after 14 years as Chief Executive Officer (CEO).
The Tesco Board has moved to implement its long-term succession plan, with Philip Clarke succeeding Sir Terry and a number of other Board changes.
Sir Terry said: "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.
"I wanted to develop a purpose and values that could sustain Tesco through its challenges and encourage and grow future leaders.
"It has taken 14 years but that strategy has become a firm reality now and so I feel my work is almost complete.
"I am delighted Phil Clarke has accepted the role of CEO from March 2011. I have worked with Phil at Tesco for many years and I am confident he has all the necessary talent, energy and experience to take the group forward.
"He will be supported by an outstanding team of senior executives who together represent one of the strongest leadership teams in the world of retailing," the outgoing executive said.
Philip Clarke has worked at Tesco throughout his career spending many years in retail and commercial.
He joined the Tesco Board in 1998 and currently has responsibility for the group's growing international operations in Asia and Europe as well as group IT.
Philip said: "I am honoured and delighted to succeed Terry who has taught me so much.
"I am very excited by the opportunity to lead such a fantastic team of executives, many of whom I've worked with for years. Together we will build a global business which focuses on the customer and fully respects our people, our communities, our supply chain and our shareholders," he said.
(CD/BMcC)
Sir Terry Leahy has announced he is to retire in March 2011 at the age of 55 after 14 years as Chief Executive Officer (CEO).
The Tesco Board has moved to implement its long-term succession plan, with Philip Clarke succeeding Sir Terry and a number of other Board changes.
Sir Terry said: "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.
"I wanted to develop a purpose and values that could sustain Tesco through its challenges and encourage and grow future leaders.
"It has taken 14 years but that strategy has become a firm reality now and so I feel my work is almost complete.
"I am delighted Phil Clarke has accepted the role of CEO from March 2011. I have worked with Phil at Tesco for many years and I am confident he has all the necessary talent, energy and experience to take the group forward.
"He will be supported by an outstanding team of senior executives who together represent one of the strongest leadership teams in the world of retailing," the outgoing executive said.
Philip Clarke has worked at Tesco throughout his career spending many years in retail and commercial.
He joined the Tesco Board in 1998 and currently has responsibility for the group's growing international operations in Asia and Europe as well as group IT.
Philip said: "I am honoured and delighted to succeed Terry who has taught me so much.
"I am very excited by the opportunity to lead such a fantastic team of executives, many of whom I've worked with for years. Together we will build a global business which focuses on the customer and fully respects our people, our communities, our supply chain and our shareholders," he said.
(CD/BMcC)
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