MARKET TALK: Incoming Tesco CEO Clarke Well Respected - RBS

8th Jun 2010 09:05

0805 GMT [Dow Jones] Incoming Tesco chief executive Philip Clarke is well respected and key to the company's previous performance, Royal Bank of Scotland analysts say. "Clarke is very well respected and has been a key driver behind Tesco's international expansion and success," analyst Justin Scarborough says. "In the past ten years, Europe and Asia sales have gone from GBP1.8Bln to GBP17Bln with profits rising from GBP50M to over GBP900M." Scarborough also says the group's struggling U.S. business is an opportunity rather than a hindrance for the new management team. Clarke replaces Terry Leahy in March '11. Buy rating and 523p target price. Shares -1.6% at 400p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 08, 2010 04:05 ET (08:05 GMT)