Tim Mason, the man who has for many years been touted as the future Tesco chief executive has ruled himself out of the race to succeed Sir Terry Leahy.
According to this morning’s Financial Times, Mason, who is currently ceo of Tesco’s US operation, and a loyal second in command to Sir Terry, told press in the US he is not going to succeed him, adding that the top job would go to a younger candidate.
The rumour mill went into overdrive when Mason was selected to head up Tesco’s assault on the US market, but Mason, 50, is only one year younger than Sir Terry, and believes the current ceo will remain in his post for at least five more years.
Mason refused to be drawn on a successor, but pointed to “a deep pool of internal talent” within the Tesco ranks. “Part of Tesco's success has been its ability to maintain a stable team at the top during Sir Terry's tenure. Five of the seven executive board directors have been in place for nearly a decade,” said the FT.
“But that steadiness has been undermined by a spate of defections from the more than 60 executives at just below board level.”
Aong the top names to depart in recent times are John Browett, Dido Harding, Keith Down, and Julia Reynolds, who all went to other retailers.
The FT claims that Phil Clarke, international director, and Richard Brasher, trading director, both have their eye on Sir Terry’s position, but both men are in their mid-40s and “may be passed over for younger executives coming through the ranks. Tesco is likely to appoint someone who can comfortably sit through a 10-year tenure before hitting the age of 60.”
