Tesco CEO to Step Down in 2020
Tesco Group CEO Dave Lewis will step down next summer after declaring the turnaround of the grocery retailer “complete.”
He will be succeeded by Ken Murphy, a former executive at Walgreens Boots Alliance, whose exact start date has not yet been announced due to contractual commitments.
“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 John Allan, Chairman. “Dave has done an outstanding job in rebuilding Tesco since 2014 and he continues to have unwavering support from the board.”
Murphy has commercial, marketing and brand experience within retail and wholesale businesses, first with Alliance Unichem, and then with Boots. He was joint COO at Boots UK & Ireland before rising to EVP, chief commercial officer and president Global Brands at Walgreens Boots Alliance.
“Today’s results confirm that the Tesco turnaround has been delivered,” continued Allan. “Under Dave’s leadership Tesco has transformed customer satisfaction and rebuilt the business. We can now move forward with renewed confidence. We have an exceptional leadership team, a very clear strategy, a re-invigorated brand and financial strength.”
“My decision to step down as Group CEO is a personal one,” said Dave Lewis. “I believe that the tenure of the 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 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.
"When that time comes, I will watch progress from outside with interest, deep affection and pride. In the meantime, you can be sure that I will give the job everything I have until my very last day.”