Tesco chief executive Dave Lewis is to step down next year
The Tesco chief executive, Dave Lewis, has announced he is leaving after five years in the role.
Lewis said he had completed a turnaround plan for the retailer, which was put in place after the company’s 2014 accounting scandal. He said he would be leaving the company in “a position of strength”.
Ken Murphy, the former chief commercial officer at American retailer Walgreens Boots Alliance, will take over the Tesco chief executive position.
Lewis said: “My decision to step down as group chief executive is a personal one. I believe that the tenure of the chief executive should be a finite one and that now is the right time to pass the baton.
“The leadership team is very strong, our strategy is clear and it is delivering. I have no doubt that Tesco will kick on again under new leadership next year.”
Lewis’ departure came as the supermarket revealed growth in profits and flat revenue for its half-year results.
Operating profit rose 12.6% year-on-year to £1.13 billion while profit before tax grew 6.7% to £494 million.