Dave Lewis quits: Tesco chief executive announces he will stand down next year

Tesco's CEO Dave Lewis will step down next year
REUTERS

Tesco boss Dave Lewis has announced he is quitting the supermarket.

In a shock move announced today, Mr Lewis said he would stand down next summer as part of a "personal" decision.

The group have announced that Ken Murphy, currently chief commercial officer at Walgreens Boots Alliance, will take over the role.

Tesco said it accepted the resignation "with regret" and that Mr Lewis had done an "outstanding job".

Mr Lewis started as CEO back in 2014, as Tesco reported that profits were down 92 per cent and was gripped by an accounting scandal.

It was announced this summer that the high street giant had reported its 14th straight quarter of growth under the control of "Drastic Dave".

In the statement, Mr Lewis said: "My decision to step down as group CEO is a personal one.

"I believe that the tenure of the CEO should be a finite one and that now is the right time to pass the baton.

"Our turnaround is complete, we have delivered all the metrics we set for ourselves. The leadership team is very strong, our strategy is clear and it is delivering.

"The Tesco brand is stronger and customer satisfaction is the highest it has been for many years."

Chairman John Allan said: "It is with regret that I have accepted the resignation of Dave Lewis as Group CEO of Tesco, who has decided that he wants to leave the business in the summer of 2020.

"Dave has done an outstanding job in rebuilding Tesco since 2014 and he continues to have unwavering support from the Board.

"As a result, today, we have appointed Ken Murphy to succeed Dave as Group CEO of Tesco next summer.

"Ken is unquestionably, a seasoned, growth-orientated business leader.

"Ken has contractual commitments to his previous employer, and therefore we will announce his precise start date in due course."

Mr Murphy will receive a salary of £1.35 million when he takes over the reins at Tesco next year.

He has spent his career with high street chain Boots - first with Alliance Unichem, then Boots.

He was joint chief operating officer at Boots UK and Ireland before rising to executive vice president, chief commercial officer and president of global brands at Walgreens Boots Alliance.

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