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07/21/2014

Tesco names Dave Lewis CEO

Tesco PLC, Cheshunt, England, announced that Dave Lewis will join its board of directors as CEO, succeeding Philip Clarke, on 1 October. Clarke, who will remain as CEO until that date, will continue to be available to support the transition until January 2015.

According to Tesco, Lewis already is known to many of its employees, having worked with the business for many years in various roles at consumer packaged goods company Unilever. He spent nearly 28 years at the London-headquartered company, most recently serving as global president, personal care.

During his career, Lewis has been responsible for a number of business turnarounds and is known for his leadership in areas of “significant strategic priority,” Tesco stated. He brings a wealth of international consumer experience and expertise in change management, business strategy, brand management and customer development. The board believes that Tesco will sustain and improve its leading position in the retail market under Lewis’ leadership.

"Having guided Tesco through a substantial repositioning in challenging markets, Philip Clarke agreed with the board that this is the appropriate moment to hand over to a new leader with fresh perspectives and a new profile,” said Sir Richard Broadbent, chairman of Tesco’s board.

According to Tesco, sales and trading profit in the first half of the year were somewhat below expectations on account of a weaker overall market and increasing investments being made to improve the customer offering and build long-term loyalty. Current trading conditions are more challenging than the retailer had anticipated at the time of its first-quarter interim management statement on 4 June. The outlook for the full year will be influenced by the extent to which benefits from the investments begin to be seen, by conditions in the overall market, and by any steps that might be taken during the remainder of the year to further improve customer offering.