LONDON – Britain’s largest retailer Tesco to wait till October before its new boss to take over. The new CEO’s former employer Walgreens Boots Alliance insisted on seeing out a non-compete agreement.
In October last year, Tesco stated that CEO Dave Lewis was to step down in 2020 summer after six years in the position and was to be succeeded by Irish Ken Murphy. A start date was not finalised on at the time.
On Monday, Tesco said that Murphy has to wait till October 1st to start as CEO in respect of his contractual commitment with his previous employer.
Lewis agreed on an extension of his tenure till September 30th to facilitate the smooth and seamless handover.
The start date means Murphy shall join a week before Tesco reports its 2020-2021 year first-half results.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.