- Title: Tesco CEO Dave Lewis to step down in 2020
- Date: 2nd October 2019
- Summary: KENT, ENGLAND, UNITED KINGDOM (FILE - OCTOBER 13, 2016) (REUTERS) VARIOUS EXTERIORS OF TESCO SUPERMARKET BUILDING AND SIGNS LONDON, ENGLAND, UNITED KINGDOM (FILE) (REUTERS) VARIOUS OF PEOPLE SHOPPING INSIDE TESCO LONDON, ENGLAND, UNITED KINGDOM (FILE - OCTOBER 13, 2016) (REUTERS) VARIOUS EXTERIORS OF TESCO LONDON, ENGLAND, UNITED KINGDOM (FILE) (REUTERS) EXTERIOR OF TESCO EXPRESS TESCO EXPRESS SIGN KENT, ENGLAND, UNITED KINGDOM (FILE - OCTOBER 13, 2016) (REUTERS) VARIOUS EXTERIORS OF TESCO SUPERMARKET LONDON, ENGLAND, UNITED KINGDOM (FILE - OCTOBER 13, 2016) (REUTERS) VARIOUS EXTERIORS OF TESCO METRO LONDON, ENGLAND, UNITED KINGDOM (FILE) (REUTERS) VARIOUS OF PEOPLE SHOPPING INSIDE TESCO LONDON, ENGLAND, UNITED KINGDOM (FILE) (REUTERS) CUSTOMERS PAYING FOR ITEMS AT TILL
- Embargoed: 16th October 2019 09:56
- Keywords: Tesco Dave Lewis Tesco CEO Dave Lewis to step down in 2020
- Location: LONDON / CHATTERIS / KENT, UNITED KINGDOM
- City: LONDON / CHATTERIS / KENT, UNITED KINGDOM
- Country: United Kingdom
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA002AZENBM5
- Aspect Ratio: 16:9
- Story Text: Tesco, Britain's biggest retailer, said on Wednesday (October 2) that its chief executive Dave Lewis will step down next summer and be succeeded by Ken Murphy, an executive at Walgreens Boots Alliance.
Celebrating its 100th anniversary, Tesco, which has a 27.4% share of Britain's grocery market, is at the back end of a recovery plan under Lewis that was instigated after a 2014 accounting scandal capped a dramatic downturn in its fortunes.
The group has met the majority of its turnaround goals, including a key margin target of earning between 3.5 pence and 4 pence of operating profit for every pound customers spend.
Lewis' planned exit after six years at the group came as Tesco reported a better-than-expected first-half operating profit before one of items of 1.406 billion pounds, a rise of 25.4%.
"With the turnaround complete and as we begin to implement the next steps of our sustainable growth strategy, now is the right time to plan a smooth and orderly succession," said Lewis.
"As such, I will step down as group CEO next summer and pass the baton to Ken Murphy."
Murphy was joint chief operating officer at Boots UK & Ireland before rising to executive vice president, chief commercial officer and president global brands at Walgreens Boots Alliance.
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