// Tesco’s search for chairman John Allan’s successor is underway

// The grocer is understood to have approached several candidates already

Tesco has begun screening candidates in its search to replace long-standing chairman John Allan as he nears the end of his tenure.

According to Sky News, headhunters have begun approaching candidates to take on the top spot of the supermarket chain.

Sources told the publication several heavyweight boardroom figures had been approached in recent weeks about the position.

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Allan will step down next year as he is “timed out” under the corporate governance guidelines which prohibits chairs from remaining in their post beyond nine years.

The search is being led internally by former BP finance chief Byron Grote, who is due to step down from the grocer’s board later this year.

Allan has been a vocal figure during his time as the Tesco chairman. He was appointed soon after the discovery of a £263m accounting black hole in the grocer’s accounts which raised questions about its survival.

Earlier this year he faced a backlash from suppliers after he claimed that some firms may be using inflation as an excuse to raise prices more than necessary.

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