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Retail

Tesco Hires New Group Brand Director, Loses Last Investment-grade Credit Rating

British supermarket chain Tesco has appointed Michelle McEttrick to the role of group brand director.

She previously held the position of CMO of global retail banking at Barclays Bank.

McEttrick will join the retailer on May 18.

The announcement follows Tesco's chief executive Dave Lewis having voiced concerns about Aldi and Lidl's aggressive marketing investment, according to reports.

Tesco released its full-year results earlier this month to mixed responses from analysts.

Speaking on the new appointment, Robin Terrell, chief customer officer at Tesco, said: “Michelle brings a real diversity of expertise and experience to Tesco. Her experience spans working on and leading the rejuvenation of British Airways and Barclays at BBH, to building the world's largest digital food brand, allrecipes.com, and working for agency clients including Coca-Cola and Frito Lay."

As a passionate, creative customer champion, she will be a real asset to the business, he concluded.

Meanwhile, it was confirmed on Friday that Tesco has lost the last of its investment- grade credit ratings, as Fitch cut the UK grocery leader to junk days after it reported a record annual loss.

Fitch’s action comes more than three months after similar moves by Moody’s Investors Service and Standard & Poor’s. The new rating of BBB- is one level below investment grade.

© 2015 European Supermarket Magazine – your source for the latest retail news.

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