Tesco UK & Ireland CEO Steps Down
Published on Mar 21 2012 9:37 PM in Retail
Tesco UK and Ireland CEO Richard Brasher has stepped down from his role unexpectedly. The role of chief executive of UK & Ireland was created following Terry Leahy's departure.
Tesco group CEO Philip Clarke has taken over the duties of Brasher, who had worked with the company for more than 25 years, along with his existing role. Brasher had spearheaded the 'Big Price Drop' initiative. Clarke hopes to turn the UK business around following Brasher’s departure. Analysts believe that Clarke's hands on approach will require a huge contribution from the UK senior management team. Clive Black, analyst with Shore Capital, said he was not overly surprised by Mr Brasher's departure given the problems in the UK division.
Tesco, the UK's leading grocer, held a 28.3 per cent share in 2011. (21 Mar)
© 2012 ESM: European Supermarket Magazine