Sir Terry Leahy, CEO of Tesco, is to step down next March after 14 years in the job, the UK retailer announced this morning.
Mr Leahy said that he was retiring having achieved his ambitions of turning Tesco into the UK's largest supermarket chain, seeing it expand internationally and broadening its offering to include additional services and non-food items.
He will reportedly be replaced by the group's international director, Philip Clarke, who has driven Tesco's expansion in Europe and Asia.
'I am very excited by the opportunity to lead such a fantastic team of executives, many of whom I've worked with for years,' Mr Clarke said. 'Together we will build a global business which focuses on the customer and fully respects our people, our communities, our supply chain and our shareholders.'
In other changes, Tim Mason, president and CEO of Tesco's Fresh & Easy business in the US, will be given the additional group responsibility for branding, values and climate change and will become deputy CEO of Tesco.
David Potts, currently retail and logistics director in the UK and head of the business in the Republic of Ireland, will reportedly become CEO of Tesco's Asia business.
Richard Brasher, currently commercial director, is due to take on the newly-created role of CEO of the UK business and take responsibility for the Republic of Ireland.
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