NEWS

Tesco to strengthen board’s retail experience

Published on: 30th April 2014

Tesco is looking to add retail experience to its board following recently reported disappointing annual results, according to The Telegraph.Tesco-Logo-300

It is claimed that at least one new non-executive director is likely to be hired by the end this year with a background in retailing or consumer goods. Currently, the 12-member board consists of two executives – chief executive Philip Clarke and departing chief financial officer Lawrie McIlwee – nine non-executives and company secretary Jonathan Lloyd. Of the NEDs, only two, Patrick Cescau and Ken Hanna, have significant consumer experience – a matter that has apparently caused concern among some shareholders.

A Tesco spokesman said: “We have an experienced, balanced board, which will continue to evolve to match the development and needs of the business over time.”

Earlier this month, Tesco reported a fall in annual profits for the second year in a row and said that like-for-like sales in the UK fell by 3% during the fourth quarter of its financial year.

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