Tesco CEO To Retire In 2011; Intl Ops Head Clarke To Take Over

8th Jun 2010 08:06

By Patricia Kowsmann Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Tesco PLC (TSCO.LN), the world's fourth-biggest retailer by sales, said Tuesday that Chief Executive Terry Leahy will retire in March next year, and Philip Clarke, who currently heads the company's operations in Asia and Europe, will replace him. "When I became CEO I had a plan to build Tesco around its customers, to make it number one in the U.K. and to find new long-term growth in non-food, in services and in international expansion," Leahy, 55 years old, said in a statement. "It has taken 14 years but that strategy has become a firm reality now and so I feel my work is almost complete," he added. Leahy said following his retirement he will concentrate "mainly on private investment" and will keep a large shareholding in the U.K.-based supermarket group. Clarke, 50, joined Tesco's board in 1998. Besides being responsible for the company's international businesses in Asia and Europe, he also heads the group's information technology operations. Tesco also said Tim Mason, president and CEO of its Fresh & Easy business in the U.S., will become deputy CEO. David Potts, currently retail and logistics director in the U.K., will become the first Asia CEO of the company, it added. In addition, Richard Brasher, currently commercial director, will take over the newly-created role of CEO of the U.K. business, as well as the Republic of Ireland operations. -By Patricia Kowsmann, Dow Jones Newswires. Tel +44(0)207-842-9295, [email protected] (END) Dow Jones Newswires June 08, 2010 03:06 ET (07:06 GMT)