Tesco Plc replaced chief executive officer (CEO) Philip Clarke after first-half profit trailed the grocer’s expectations, the latest in a series of setbacks since the company veteran took the helm about three years ago. Unilever’s personal-care head Dave Lewis has been recruited as a successor for the 54-year-old, the Cheshunt, England-based company said in a statement on Monday. Under Clarke, Tesco has exited businesses from US to Japan, while seeking to revive growth in the UK, where the company makes the bulk of its revenue. That so far hasn’t yielded results, with the grocer reporting the worst same-store sales in four decades in June and the stock down about 30% since Clarke took the role.
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