5th Sep 2014 09:23
LONDON (Alliance News) - The new chief executive of Tesco PLC has signaled he will shake-up the management team at the embattled retailer as he attempts to take it back to its core values.
Speaking in a video posted on Tesco's YouTube page, Dave Lewis said part of the changes he intends to make will impact top executives at the company. "Will there be changes? Let?s be honest, there has to be. We don?t want the trends affecting our business to carry on. If I need to, I will change things. I will make those calls," he said.
Lewis, who took up his role as Tesco's new CEO a month early on Monday, said his first week at the helm of the company had been "quite a rollercoaster", saying it was "pretty clear we have to get back to the core of our business in price, availability and service". He said he would "not jump to a very simple solution" in his attempt to revive the reputation of the business.
Lewis said he intends to visit the international operations of the company, after spending the first few weeks focusing on the UK operation. He again said he would not make any "knee-jerk decisions" on the future of the international business.
A week ago, Tesco brought forward the start date for Lewis and tasked him with conducting a review of the whole group, after it slashed its interim dividend, cut its capital expenditure plans and said it expects trading profit to be significantly lower than last year.
Tesco shares were down 0.3% to 228.8689 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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