LONDON: Tesco boss Dave Lewis will step down next summer after declaring the turnaround of Britain’s biggest retailer complete, handing over to Ken Murphy, a former executive at healthcare group Walgreens Boots Alliance .
Celebrating its 100th anniversary, Tesco, which has a 27.4pc share of Britain’s grocery market, is five years into a recovery plan that Lewis launched after a 2014 accounting scandal capped a dramatic downturn in trading.
Murphy will become the second outsider to lead Tesco, following in the footsteps of former Unilever executive Lewis. And like Lewis, the 52-year old Irish national also has experience in the consumer goods industry – key suppliers to supermarkets – having started his career at Procter & Gamble.
“Now is the right time for me to pass on the baton, our turnaround is complete,” Lewis told reporters.
“We’ve delivered all the metrics we set for ourselves, the leadership team is very strong, our strategy is clear and it is delivering,” he said, adding he was not leaving for another job.