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Tesco CEO will step down in 2020

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Tesco CEO will step down in 2020

Headquartered in England, Tesco is a multinational groceries and general merchandise retailer. It runs over 3400 stores nationwide and is Britain’s biggest retailer.

Tesco, on Wednesday, announced that its chief executive Dave Lewis will step down next summer. He will be succeeded by Ken Murphy, who is an executive at Walgreens Boots Alliance. “With the turnaround complete and as we begin to implement the next steps of our sustainable growth strategy, now is the right time to plan a smooth and orderly succession. As such, I will step down as group CEO next summer and pass the baton to Ken Murphy,” Lewis said on Wednesday.

CEO Lewis worked at Unilever for about 30 years before he joined Tesco in 2014. The company is currently celebrating its 100th anniversary and it possesses a 27.4% share of Britain’s grocery market. Since Lewis joined Tesco, he succeeded in rebuilding the customer and supplier trust after a series of scandals the company had to endure. He also facilitated the growth of the company by selling ventures such as the Hudl tablet and noncore operations in countries like South Korea.

Lewis is confident and satisfied about the current state of Tesco and he stated: “The leadership team is very strong, our strategy is clear and it is delivering.”

(Reference: Reuters, CNBC, Financial Times, Mirror)
(Image source: Bloomberg via Getty Images)