UK – British multinational groceries retailer, Tesco have announced that its group chief executive officer, Dave Lewis will step down from his role in Summer 2020.
Lewis will be succeeded by Ken Murphy, who most recently was the chief commercial officer of its American parent Walgreens Boots Alliance.
Lewis who joined Tesco in 2014, said that he had completed the turnaround plan he set in train following the company’s accounting scandal and would leave the company in a “position of strength.”
Tesco chairman, John Allan has praised his efforts in rebuilding the UK supermarket giant and transforming customer satisfaction.
Dave Lewis, said: “My decision to step down as group CEO is a personal one and I believe 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 it is delivering. The Tesco brand is stronger and customer satisfaction is the highest it has been for many years.
“With these firm foundations and a competitive, sustainable growth strategy in place, I have no doubt that Tesco will kick on again under new leadership next year.”
The incoming CEO Ken Murphy has previously held a variety of senior positions, including joint chief operating officer at Boots UK & Ireland and joint chief operating officer and president of Global Brands at Walgreens Boots Alliance.
John Allan, Tesco chairman said: “Ken is unquestionably, a seasoned, growth-orientated business leader. He has deep commercial, marketing and brand experience within retail and wholesale businesses, first with Alliance Unichem, and then with Boots.
“Ken has values which align with our own, strong strategic and operating acumen, and is proven at the very top of a large and respected multinational retail group.”
Tesco said that Murphy’s exact start date will be announced in due course.
The announcement of Lewis’s departure came as Tesco reported a better-than-expected first-half operating profit before one-off items of £1.41bn (US$1.73bn), a rise of 25.4%.
The retailer said it had made a strong start to the year and was well positioned to be highly competitive in a challenging market.