Richard Brasher, the chief executive of Tesco's UK operations, is set to step down from his role after one of the most difficult trading periods in the supermarket giant's recent history, according to reports.
Group CEO Philip Clarke will replace Brasher, multiple reports this morning suggest. Brasher joined Tesco more than 25 years ago and was installed as UK chief last March. Tesco released its first profit warning in 20 years in January, forecasting that underlying profit in 2012 would be some £450m lower than expected. The announcement saw the group's share price fall by 17%.
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
