Long-serving executive David Potts checks out of Tesco

Tesco lost another senior executive today when company stalwart David Potts announced his retirement.

Potts, formerly UK retail and logistics director, has lately been working as the first chief executive of the company's Asian business.

He was seen as a close ally of former boss Sir Terry Leahy and a possible successor when Sir Terry stepped down last year.

Andy Higginson said in August he would step down from the board after 15 years. Chairman David Reid left last month.

Potts has worked for the supermarket giant for 39 years, starting at the age of 15. Company accounts say his pension pot is £7.7 million - £454,000 a year. Potts, 54, was paid £2.3 million in 2010. He is owns shares worth around £7.4 million.

He will step down in June when Tesco's European boss, Trevor Masters, will succeed him in Asia.
The company said Potts wants to "fulfil long-held personal ambitions".