1st Oct 2008 10:00
DIRECTORATE CHANGE
TESCO PLC
1 October 2008
TESCO PLC
MERVYN DAVIES RESIGNS AS NON-EXECUTIVE DIRECTOR
Tesco plc announces that Mervyn Davies, a non-executive director of the Company, will step down from the Board. Mr Davies has resigned due to potential conflicts of interest as Tesco increases its financial services in similar regions to Standard Chartered following Tesco's imminent acquisition of the whole of Tesco Personal Finance. Mr Davies' resignation will take effect on 31 October 2008.
Accepting the resignation, Tesco Chairman, David Reid said: "It is with great regret that I accept Mervyn's resignation from the Board. He has made an excellent contribution as a Non-executive Director at Tesco and I should like to take this opportunity to thank him for his work over the past five years".
Mr Davies has served on the Tesco Board since July 2003.
For further information please call the Tesco Press Office on 01992 644645. Out of hours the duty press officer can be contacted by calling 01992 644733 (select option 2 on voicemail).
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