Tesco Plc has said its chief executive officer (CEO) Terry Leahy will retire in March 2011 and Philip Clarke will be his successor.
In a statement, the company said Terry will retire after 14 years as the company’s CEO.
The company said Clarke will take over as CEO in March 2011 and named Tim Mason, currently CEO of Tesco’s Fresh & Easy business in the US, as deputy CEO. Tesco said Mason will continue to be based in the US.
Tesco has promoted David Potts, currently retail and logistics director in the UK, as the first CEO of its growing Asia business.
Richard Brasher, currently commercial director, will assume the newly-created role of CEO of the UK business and take responsibility for the Republic of Ireland, the company said in a statement.
The company said Andrew Higginson will continue as CEO of retail services, which comprises Tesco Bank, Tesco Telecoms, Tesco’s internet business and Dunnhumby.
Laurie McIlwee will continue as finance director, while Trevor Masters will continue as CEO of Central Europe and Turkey, the statement said.
Tesco also announced the retirement of its non-executive director Rodney Chase and replaced him with Patrick Cescau.
Clarke joined Tesco while he was in school 29 years ago. He began his career in the retail and marketing department and became a regional manager of the company in Scotland in 1995 and was elevated as executive director in November 1998. He has been the non-executive director of Whitbread Plc since January 1, 2006.
— IndiaRetailing Bureau