Tesco's Chas And Dave Show Points To CEO Succession: Gadfly
It was starting to look mighty crowded at the top of Tesco.
Its near £4 billion takeover of wholesaler Booker, due to complete in a month, was on track to land it with a top team comprised of three current or former FTSE 100 or 250 chief executive officers.
Now Matt Davies, Tesco UK CEO, is to step down. Although highly regarded, both at Halfords and before that Pets at Home Group, as well as popular internally, it always looked like he didn't quite fit at Tesco. Rumours of his departure have been circulating almost since he arrived three years ago.
His replacement will be Charles Wilson, chief executive of Booker. It's a good move to give him that senior role. But as Gadfly has argued, the merger always looked like a succession plan. If Wilson delivers - and, given his track record, it would be foolish to bet against him - that is likely to come to fruition.
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