Mar 20, 2017
Tesco rejigs global team as international chief departs
Tesco has announced a shake-up at the top of its international business, as the UK's largest grocer by sales looks to focus its overseas efforts on a few key markets as part of its turnround plans. Trevor Masters, chief executive of Tesco International, will leave the business after 40 years at the company at the end of May. Rather than appoint a direct replacement, Tesco announced the appointment of Tony Hoggett and Matt Simister as chief executives for Asia and central Europe respectively. Tesco said the new roles were part of efforts to give "Greater focus to the two parts of our international business" following the sale of its Turkish unit last year. Weak sales at its remaining international businesses prompted a drop in Tesco's shares when it released third-quarter results in January, even as the retailer increased its domestic market share for the first time in more than five years. Analysts credit Dave Lewis, who took over as chief executive in 2014, with turning round Tesco's business by sprucing up stores, hiring extra staff and slashing prices to stave off competition from groups such as the German discounters Aldi and Lidl.
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