Per Bank has been appointed Commercial Director for Tesco UK clothing, electricals and general merchandise following the departure of Laura Wade-Gery, earlier this week, who was favourite to take the role.
Banks, currently CEO of Tesco’s Hungary branch, has had a pivotal role in the growth of non-food products in the region.
Once his starts work on the March 1st, Per Banks will join the Tesco Executive Committee, making him the first non-British executive ever to do so.
This appointment is the latest in a string of executive departures and arrivals over the last few months preceeding the hand-over between current CEO Terry Leary and Philip Clarke who will take his place on the March 1st.
Mr Clarke speaking about the new appointment said: “I am delighted that we have the opportunity to appoint Per to this pivotal role. His flair and extensive experience in this area will be invaluable in the exciting times to come.”
Whilst the seemingly revolving door at Tesco may suggest management disunity, Sam Hart, Retail Analyst at broker Charles Stanley, told Retail Gazette that individual senior management departures should not concern investors.
Hart argues that it just shows how ambitious the members of the Tesco board are in moving up the chain in retail and that staying at Tesco can stifle changes to move up the ladder.