Tesco to kick off search for successor to long-serving chairman John Allan
Tesco is to kick off a formal hunt to identify its next chairman early in 2023 as John Allan prepares to retire from the helm of giant retailer.
Under UK corporate governance rules, Allan will be ‘timed out’ in just over a year, meaning he would no longer be regarded as an independent chairman after serving for nine years.
Allan was appointed in March 2015 and is also chairman of Barratt Developments PLC, chair of the Council of Imperial College and a senior advisor to PJT Partners.
The search for his successor will be led internally by Byron Grote, the former BP finance chief, who himself is due to step down from the Tesco board next year.
City sources said that external headhunters were being appointed to assist with the process, which is expected to get underway formally in the first half of 2023.
Lygon Group, a search firm, has done much of Tesco’s boardroom recruitment work in recent years.
Allan, a former president of the CBI, has been an outspoken figure during his tenure as Tesco chairman, recently declaring that Labour was the only political party to have set out a credible economic growth plan.
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