Inside This Issue - News
Clarke on way out at Tesco
July 28th, 2014
CHESHUNT, England – Tesco PLC is replacing Philip Clarke following another profit warning at the U.K.’s largest supermarket chain.
Dave Lewis, head of Unilever’s personal care unit, will succeed Clarke as chief executive officer on October 1, Tesco said last week. Clarke, a longtime Tesco veteran, will remain as CEO until Lewis arrives and will stay in a supporting role until January.
Lewis has held roles globally during his three-decade tenure at Unilever, including the chairmanship of its U.K. and Ireland business and president of the Americas.
The surprising news of Clarke’s departure came as Tesco warned that sales and profits for the first half of the year would be lower than expected. Last month Tesco posted its biggest sales decline in two decades.
Tesco’s share of the U.K. grocery market has slipped under Clarke’s watch to 28.9% from 30.2% when he took over as CEO in March 2011. Tesco is being squeezed by discounters Aldi and Lidl at one end of the U.K. grocery market and by such upscale chains as Waitrose at the other end.