Tesco announces resignation of UK operations boss
Thursday, March 15, 2012 - 17:28
Richard Brasher will step down and group chief executive Philip Clarke will assume responsibility for Tesco's British operations, the supermarket chain said in a statement.
"Tesco plc announces today that Richard Brasher has decided to step down from the board with immediate effect and to leave the company in July once he has effected a smooth transition of the UK business to Philip," it said.
Back in January, Tesco posted poor sales over the crucial Christmas trading period and warned that its annual profits growth would be towards the lower end of market expectations owing to "challenging" conditions at home and abroad.
Tesco is the world's third-largest retailer after US-based Wal-Mart and France's Carrefour.