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Tesco appoints new CEO as market "more challenging"
Last Updated: 2014-07-22 09:56 | Xinhua
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British retailer Tesco plc on Monday announced that Philip Clarke, the current Chief Executive Officer of the Company, will step down in October this year.

Dave Lewis, Global President of Personal Care at Unilever, will succeed Clarke to lead the retailing giant.

Current trading conditions are more challenging than the Company anticipated at the time of the first quarter interim management statement on June 4, said Tesco in a statement.

"The overall market is weaker and, combined with the increasing investments we are making to improve the customer offer and to build long term loyalty, this means that sales and trading profit in the first half of the year are somewhat below expectations," noted Tesco.

"The outlook for the full year will be influenced by the extent to which benefits from the investments we are making begin to be seen; by conditions in the overall market; and by any steps that may be taken during the remainder of the year to improve our customer offer further," said Tesco.

Tesco reported a 3.8 percent year-on-year sales decline for the first quarter of 2014, the first drop ever recorded in more than a decade, according to its financial statement that released on June 4.

The latest figures from research firm Kantar Worldpanel showed that Tesco's market share had dwindled to 29 percent in the 12 weeks to May 25, down from 30.5 percent a year earlier.

Richard Broadbent, Chairman of the Board of Tesco, said in the statement:" Dave Lewis brings a wealth of international consumer experience and expertise in change management, business strategy, brand management and customer development."

"He is already known to many people inside Tesco having worked with the business over many years in his roles at Unilever. The Board believes that with Dave's leadership Tesco will sustain and improve its leading position in the retail market," added Broadbent.

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