Tesco UK chief executive Richard Brasher is stepping down, allowing group boss Philip Clarke to take over the reins at what he calls a “very important time”.
Brasher has been in the job just 12 months but in that time the supermarket suffered its worst Christmas sales in decades, with weaker results than its four main rivals.
Chief executive Philip Clarke admitted he was "disappointed" and said the performance was "below our expectations and disappointing".
Brasher has stepped down from the Tesco Board with immediate effect and will leave the company in July to allow Clarke a smooth transition into the role.
Clarke said: “I have decided to assume responsibility as the CEO of our UK business at this very important time.
“This greater focus will allow me to oversee the improvements that are so important for customers. I completely understand why Richard has decided to leave and want to thank him for the great contribution he has made over many years.
“The depth of management at Tesco and the strong leadership team across the group allow me to take a more active role in the UK whilst our other businesses continue to grow.
“Richard has been an architect of our successful format strategy; a true innovator with both Clubcard and the dunnhumby partnership; and over the last 10 years has led the transformation of our non-food business and the creation of International Sourcing.
Clarke said Tesco has “very strong plans for improvement” and said over the last two months these plans are beginning to show progress.
