New CEO to join Tesco
Dave Lewis has resigned from the CEO role at Tesco and will leave the business in summer 2020. Lewis will be replaced by Ken Murphy who is currently chief commercial officer at Walgreens Boots Alliance.
Lewis made the announcement as the retailer's half year results were revealed and said that his decision to exit after five years in the role was a personal one. Adding: "I believe that the tenure of CEO should be a finite one and that now is the right time to pass the baton. Our turnaround is complete, we have delivered all the metrics we set for ourselves. The leadership team is very strong, our strategy is clear and is delivering."
Tesco generated sales of £28.3 billion for the 26 weeks to August 24th with pre-tax profit of £494 million. The business had reduced its net debt by 7.8 per cent during the period.