Oct 2, 2019

Dave Lewis declares ‘mission accomplished’ at Tesco

The Tesco chief executive, who has run the company for five years, told his chairman around a year ago that he was thinking about next steps. Clive Black at Shore Capital went further, describing Mr Lewis as "Quite simply the bloke who saved Tesco". In October 2016 Mr Lewis set Tesco six targets, including restoring profit margins to 3.5-4 per cent, cutting £1.5bn from its cost base, rebuilding customer trust and generating a cumulative £9bn of cash from operations. Dave Lewis's replacement at Tesco is hardly a familiar name even in financial circles, but those who know Ken Murphy said his low public profile belied a tough but charming personality with wide global experience. Mr Murphy's last role at the company was chief commercial officer, president of global brands and executive vice-president, prompting Tesco chairman John Allan to quip that his job title at the UK company would be rather more concise.

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