CHESHUNT, England -- Tesco here said Tuesday that Sir Terry Leahy, 55, who has led the retail giant for the past 14 years, has decided to retire as chief executive officer in March 2011. He will be succeeded by Philip Clarke, 50, a longtime Tesco veteran who most recently has been leading the company's international operations in Europe and Asia as well as group IT.
"When I became CEO I had a plan to build Tesco around its customers, to make it No. 1 in the U.K. and to find new long-term growth in nonfood, in services and in international expansion," Leahy said in a prepared statement. "I wanted to develop a purpose and values that could sustain Tesco through its challenges and encourage and grow future leaders. It has taken 14 years but that strategy has become a firm reality now and so I feel my work is almost complete."
Tim Mason, 52, president and CEO of the Fresh & Easy business in the U.S., will be given the additional group responsibility for branding, values and climate change and will become deputy CEO of Tesco. He will continue to be based in the U.S.
Also, David Potts, 53, will become the first CEO of Tesco's growing Asia business. He is currently retail and logistics director in the U.K., as well as having responsibility for the Republic of Ireland. Richard Brasher, 49, currently commercial director, will assume the newly created role of CEO of the U.K. business and take responsibility for the Republic of Ireland.
Read More of Today's Headlines