Dave Lewis, chief executive of Tesco, has resigned and will leave the business in the summer of 2020.
Lewis joined Tesco in 2014 will be leaving the supermarket giant in 2020. He said his ”decision to step down as group CEO is 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.”
John Allan, chairman at Tesco, said: ”Dave has done an outstanding job in rebuilding Tesco since 2014 and he continues to have unwavering support from the Board. Some time ago, however, he indicated to me that he was considering the best time to hand over to a successor.”
Allan added: Under Dave’s leadership Tesco has transformed customer satisfaction and rebuilt the business. We can now move forward with renewed confidence.”
In interim results released to investors today Tesco also said it would double its online capacity in the UK and open three urban fulfilment centres by “summer 2020”. The first will open in West Bromwich by March 2020. Tesco plans to open more than 25 over the next three years.
Earlier this year Tesco revealed it had made savings of £112 million in logistics and distribution since the first half of 2016-17.
by Michelle Mooney