March 23, 2017 3:32 PM ET

Food and Staples Retailing

Company Overview of Tesco PLC

Company Overview

Tesco PLC, together with its subsidiaries, operates as a grocery retailer. The company also provides retail banking, financial, and insurance services. The company operates in the United Kingdom, the Republic of Ireland, the Czech Republic, Hungary, Poland, Slovakia, Turkey, Malaysia, and Thailand. It serves its customers through approximately 6,902 stores, as well as through the Internet. The company was founded in 1919 and is based in Welwyn Garden City, the United Kingdom.

Tesco House

Shire Park

Kestrel Way

Welwyn Garden City,  AL7 1GA

United Kingdom

Founded in 1919

476,453 Employees

Key Executives for Tesco PLC

Group Chief Executive Officer and Director
Age: 51
Total Annual Compensation: 4.2M GBP
Chief Financial Officer and Executive Director
Age: 56
Total Annual Compensation: 2.4M GBP
Compensation as of Fiscal Year 2016.

Tesco PLC Key Developments

Tesco Announces Management Changes

Tesco has announced changes to its Executive Committee and International Leadership team. After 38 years of distinguished service to Tesco, Trevor Masters, CEO Tesco International, will leave the business at the end of May 2017. Following the completion of the sale of Turkish business, the company will be giving greater focus to the two parts of international business. This includes creating two new roles leading Asia and Central Europe on Executive Committee. The company announced that from 1 April 2017, Tony Hoggett will become Tesco's CEO Asia and Matt Simister will become Tesco's CEO Central Europe. Tony returned to the UK in 2011 and joined the UK Leadership Team as Retail Director in 2014 before becoming UK Chief Operating Officer in 2016. Over the last three years, Tony has led the transformation of service model and customer experience in the UK. Matt joined Tesco in 1996 initially as a marketer, and subsequently worked extensively across different categories in Product team.

Tesco to Cut 1,800 Deputy Manager Positions at its Express Convenience Stores

Tesco announced that it is replacing its deputy managers at its Express stores with lower-paid "shift leaders" in a restructuring of the business. Tesco will cut 1,800 deputy manager positions at its Express convenience stores, and instead create 3,300 shift-leader roles. Tesco employs 310,000 people in the UK in total.

Tesco Plans To Pulll Out Plans For Peterlee

Tesco PLC (LSE:TSCO) is planning to pull out Peterlee, as it has not found any buyers for the land.

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