Light Rain Fog/Mist
73°FLight Rain Fog/MistFull Forecast
Best of the Fox Results

Tesco chief Philip Clarke to step down

Published: Monday, July 21, 2014 5:17 p.m. CDT

LONDON – Tesco says Chief Executive Officer Philip Clarke will be stepping down after the latest earnings figures showed Britain’s largest retailer by revenue struggled at home.

Tesco announced Monday that Dave Lewis, an executive at Unilever, would become CEO in the fall after the company issued a profit warning describing challenging trading conditions.

Since being named CEO in 2011, Clarke had taken steps to bolster the company’s U.K. business by striving to improve the customer experience, but the company faced intense competition from retailers catering to customers cutting costs in tough economic times.

Phil Dorrell, director of retail consultants Retail Remedy, said Clarke tried to “boil an ocean” and that the result of “trying to change everything was that he achieved little, and both customers and shareholders were let down.”

Get breaking and town-specific news sent to your phone. Sign up for text alerts from the Northwest Herald.

Reader Poll

Who are you voting for in the McHenry County state's attorney's race?
Patrick Kenneally
Ray Flavin
Undecided