21st Jul 2014 06:54
LONDON (Alliance News) - Tesco PLC Monday said Chief Executive Philip Clarke is to leave the retailer on October 1, saying that it has recruited Dave Lewis from Unilever PLC as his replacement.
In a statement, the retailer also said that current trading conditions are "more challenging" than it had anticipated in early June, and warned that first-half sales and trading profit are "somewhat below expectations."
"Having taken the business through the huge challenges of the last few years, I think this is the right moment to hand over responsibility, and I am delighted that Dave Lewis has agreed to join us," Clarke, who will support the transition until the end of January 2015, said in a statement.
Tesco noted that Lewis, who joins from his role as personal care president at Unilever, has been responsible for a number of business turnarounds during his career. He will receive a basic salary of GBP1.25 million and standard benefits. He will receive GBP525,000 in place of his current year cash bonus from Unilever. In addition, he will receive restricted Tesco PLC share awards equivalent to the expected value of share awards from Unilever.
By Samuel Agini; [email protected]; @samuelagini
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