Tesco boss Philip Clarke to step down amid profit warning

Tesco chief executive Philip Clarke has agreed to step down as the retailer issued a profit warning today.

Last month Clarke said he was “not going anywhere” after a third quarter of falling sales. However, as the retailer posted a profit warning today, Clarke resigned.

He will be replaced in October by Unilever boss Dave Lewis.

Tesco chairman Sir Richard Broadbent said: “Having guided Tesco through a substantial re-positioning in challenging markets, Philip Clarke agreed with the Board that this is the appropriate moment to hand over to a new leader with fresh perspectives and a new profile.”

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