Tesco has announced that John Allan, currently Deputy Chairman of Dixons Carphone, is to replace Sir Richard Broadbent as Chairman of the Big Four grocer.
Following Broadbent‘s decision to step down as Chairman, and weeks of speculation, the supermarket chain has confirmed that Allan will join the Board and be appointed Chairman on 1 March 2015. Broadbent will step down from the Board on the same date and welcomed Broadbent to the fold:
“I am delighted that John has agreed to join us and take on the role of Chairman of the Board. I am sure that his wide expertise, his experience and his personal qualities will contribute greatly to the future of the Group.”
Patrick Cescau, Senior Independent Director, also commented:
“Following a deep and thorough process run by a committee of independent non-executive directors, the Board unanimously agreed that John Allan was the right candidate to chair Tesco at this important time. On behalf of the Board I would like to thank Richard for his work as Chairman. He has served the business with unflinching commitment through a period of unprecedented change, and put in place a new senior leadership team for the next stage of Tesco‘s development.”
Allan, who has been with Dixons Retail since 2009, said that he is “very pleased to be taking on this role at such a critical moment for the business”. He will be paid a fee of £650,000 per annum, fixed for three years, inclusive of all Board fees, in respect of his role as Chairman of Tesco.