Terry Leahy

Tesco CEO To Take On UK Role As Brasher Steps Down

Tesco PLC (TSCO.

LN) Thursday said Chief Executive Philip Clarke will assume responsibility for its struggling U.K. operations as well as his other duties, replacing Richard Brasher after barely a year into the job following the retailer's first profit warning in 20 years.Several years of falling sales in the U.K. and a particularly dire Christmas period prompted the company to warn in January that it will make minimal profit in 2013 despite investing millions of pounds to improve service and lower prices to lure back customers who have deserted the U.K.'s largest supermarket chain for its nimbler rivals."I have decided to assume responsibility as the CEO of our U.K. business at this very important time," Mr. Clarke said. "This greater focus will allow me to oversee the improvements that are so important for customers.""The depth of management at Tesco and the strong leadership team across the Group allow me to take a more active role in the U.K. whilst our other businesses continue to ...

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