Monday 21 July 2014

Tesco CEO appointment



One of the world’s largest retailers.  I have a holding in my income portfolio (epic code: TSCO)


Well I guess it was just a matter of time - the board of Tesco have made the decision to replace Philip Clarke, taking the view that insufficient progress is being made.

He is to be replaced by Dave Lewis who is President of the Personal Care Division at Unilever.  Patrick Cescau one of the non-executives on the Tesco board will know Lewis well, having been CEO of Unilever from 2005 to 2008.

On trading management have stated that "...sales and trading profit in the first half of the year are somewhat below expectations..."

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