Tesco has announced Ken Murphy as the new Group CEO, following the resignation of Dave Lewis.
“It is with regret that I have accepted the resignation of Dave Lewis as Group CEO of Tesco, who has decided that he wants to leave the business in the summer of 2020,” said Chairman John Allan.
The right time
Mr Lewis says the decision to step down as Group CEO was a personal one.
“I believe that the tenure of the CEO should be a finite one and that now is the right time to pass the baton,” he said.
“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. Colleagues are doing an extraordinary job and their expertise shows in every store and channel every day.
“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.”
A seasoned successor
Mr Allan explains that due to Mr Lewis’ openness on the subject matter, he was able to take time to find a suitable successor.
Mr Murphy’s experience includes being 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.
He will join Tesco as Group CEO in the (northern hemisphere) summer of 2020.
“He has deep commercial, marketing and brand experience within retail and wholesale businesses,” Mr Allan said on Mr Murphy’s qualifications.
“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. I firmly believe we have the right person for the job. ”