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21/07/2014
Tesco Chief Executive Resigns
Major retailer Tesco has announced its Chief Executive Philip Clarke is to step down from the Board.
He will continue his role until 1st October and Dave Lewis will take over the post.
He will also continue to be available to support the transition until the end of January next year.
In a statement, Tesco said: "Current trading conditions are more challenging than we anticipated at the time of our first quarter interim management statement on 4th June.
"The overall market is weaker and, combined with the increasing investments we are making to improve the customer offer and to build long term loyalty, this means that sales and trading profit in the first half of the year are somewhat below expectations.
"The outlook for the full year will be influenced by the extent to which benefits from the investments we are making begin to be seen; by conditions in the overall market; and by any steps that may be taken during the remainder of the year to improve our customer offer further."
(CD/JP)
He will continue his role until 1st October and Dave Lewis will take over the post.
He will also continue to be available to support the transition until the end of January next year.
In a statement, Tesco said: "Current trading conditions are more challenging than we anticipated at the time of our first quarter interim management statement on 4th June.
"The overall market is weaker and, combined with the increasing investments we are making to improve the customer offer and to build long term loyalty, this means that sales and trading profit in the first half of the year are somewhat below expectations.
"The outlook for the full year will be influenced by the extent to which benefits from the investments we are making begin to be seen; by conditions in the overall market; and by any steps that may be taken during the remainder of the year to improve our customer offer further."
(CD/JP)
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