Tesco: Philip Clarke To Succeed Leahy As Chief Executive

8th Jun 2010 07:52

LONDON (Dow Jones)--Tesco PLC (TSCO.LN) said Tuesday that Sir Terry Leahy has decided to retire in March 2011 at the age of 55 after 14 years as Chief Executive. MAIN FACTS: -Philip Clarke will succeed Leahy. -Tim Mason (52), President and Chief Executive of the Fresh & Easy business in the U.S., will be given the additional group responsibility for branding, values and climate change and will become Deputy Chief Executive of Tesco. -Mason will continue to be based in the U.S. -David Potts (53) will become the first Chief Executive of the growing Asia business. -He is currently Retail and Logistics Director in the U.K., as well as having responsibility for the Republic of Ireland. -Richard Brasher (49), currently Commercial Director, will assume the newly-created role of Chief Executive of the U.K. business and take responsibility for the Republic of Ireland. -Andrew Higginson (52), will continue as Chief Executive of Retail Services (comprising Tesco Bank, Tesco Telecoms, Tesco's internet business and Dunnhumby). -A new group Commercial role will also be created. -Shares closed Monday at 407.1 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires June 08, 2010 02:52 ET (06:52 GMT)