Tesco Said Poised to Announce Promotion of Bush to U.K. CEO
Tesco Plc (TSCO), Britain’s biggest retailer, will tomorrow announce the promotion of Chris Bush to the post of U.K. chief executive officer, according to a person familiar with the matter.
Bush, chief operating officer of Tesco’s domestic business, will take over the role from CEO Philip Clarke, said the person, who declined to be identified as the matter is not yet public.
Bush, a 30-year veteran of the Cheshunt, England-based company, has previously held senior posts at Tesco’s units in Thailand, Malaysia and South Korea. He was called back from Thailand last year to help Clarke with a turnaround at home.
Clarke has run the U.K. business since March, when Richard Brasher left in the wake of the failed Big Price Drop campaign and the first reduction of profit guidance in two decades.
Also tomorrow, Tesco may report the strongest growth in domestic sales since 2010. Six-week revenue at U.K. stores open at least a year increased 1 percent, excluding gasoline and value-added tax, according to the median estimate of 10 analysts surveyed by Bloomberg News. That would be only the second positive performance in eight quarters.
An official representing Tesco declined to comment on the pending appointment of Bush, which was reported earlier today by the Financial Times.
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