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Tesco chief Leahy to retire next year

Tesco chief executive Sir Terry Leahy is to retire next March with Philip Clarke moving up to take his place as CEO.

GENERAL MERCHANDISE

Tesco chief Leahy to retire next year

Leahy will step down after 14 years in the job, during which Tesco become the major force in UK grocery retailing. He will leave when he reaches 55.

"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," Sir Terry said.

"Terry has made an unrivalled contribution over a prolonged period. He is undoubtedly one of the leading businessmen of his generation. He has put in place a strategy which can secure the progress of Tesco for years to come," David Reid, chairman, added.

Clarke, 50, has come through the ranks at Tesco and joined the board in in 1998. Currently he has responsibility for the group's international operations in Asia and Europe as well as group IT.

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