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Tesco announces new Chairman to replace David Reid

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Sir Richard Broadbent has been hired to become the new Chairman of the UK’s leading retailer Tesco, it was confirmed today.

The company’s current Chairman David Reid is stepping down from the position this year having worked on the Tesco executive board for over quarter of a decade.

Broadbent is currently Deputy Chairman at the global financial services company Barclays and will initially join the Tesco board as a non-executive director from July 2nd 2011 before taking over the top job on November 30th.

Reid commented: “I am very pleased that Richard will be joining our board and then succeeding me as Chairman later in the year. I am sure that with his wide expertise, his board experience and his personal qualities he will contribute greatly to the future growth of the group.

“Good management succession is very important to Tesco and this appointment is the result of a thorough process led by Senior Independent Director Patrick Cescau and endorsed by all members of the board.

“It has been an honour and a pleasure to have worked with the Tesco team for so many exciting and fruitful years, first as an Executive Director for 18 years and since 2004 as Chairman.”

This latest appointment comes after several senior appointments at the supermarket chain, with new CEO Philip Clarke appointing a new UK management team to bolster domestic performance.

UK like-for-like sales for the 12 weeks to February 26th fell 0.7 per cent year-on-year for Tesco and Clarke has stated that he intends to improve sales in the retailer’s key market.

In other retail employment news announced today department store retailer John Lewis hired Rachel Osborne as its new Finance Director.

Osborne previously worked at Sodexo, a food and facilities management services firm, where she was Chief Finance Officer for the UK & Ireland, and will take up her new role from July 11th 2011.

She also has direct retail experience, having worked in a number senior finance roles for home & DIY retail group Kingfisher.

Andy Street, Managing Director of John Lewis, said: “Rachel brings a wealth of knowledge and has spent significant time in the retail sector.

“Her many years experience as an operational Finance Director make her well placed to contribute to the ambitious plans we have for developing John Lewis. We all look forward to welcoming her to the business.”

Published on Wednesday 11 May by Editorial Assistant

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