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Business & Economy

Tesco boss Dave Lewis to leave with retailer’s “turnaround complete”

The boss of supermarket chain Tesco is stepping down.

Chief executive Dave Lewis will leave next summer, saying his decision is a “personal one” and that it is “the right time to pass the baton.”

He will leave after six years in the role, saying the turnaround of the business under his stewardship “is complete.”

He will be succeeded by Ken Murphy.

During his tenure, the former Unilever global toiletries boss oversaw the turnaround of Tesco following a false accounting scandal in 2014 that saw the retailer fined for overstating profits.

Under his leadership, Tesco reduced costs across its store footprint, but it also expanded its market presence with the opening of discount chain Jack’s and takeover of wholesaler Booker.

Most recently, however, the business announced 4500 jobs were at risk in changes to its Metro and Express outlets.

“My decision is a personal one and I believe the tenure of the chief executive should be a finite one,” said Dave.

“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.”

Chairman John Allan said he had accepted Dave’s resignation “with regret”, adding he has done an “outstanding job” in rebuilding the retailer.

“Under Dave’s leadership Tesco has transformed customer satisfaction and rebuilt the business,” he said.

“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.”