Tesco Boss Leaves

Phillip Clarke, the Chief Executive of Tesco is due to leave in October after failing to meet profit targets.  Latest results show a 3.7% fall in like-for-like sales. Dave Lewis, who currently holds the position of President of Personal Care at consumer goods firm Unilever will take over the role.  This shows the continual struggle of the middle-ground retailers such as Tesco and Morrison.  The hard discounters such as Lidl and Aldi continue to do well, as do the premium grocers such as Waitrose and M&S at the opposite end of the scale.  It remains to be seen whether the new Chief Executive will change the strategy of the UK’s largest retailer.  Many analyst a calling for a full-scale ‘price war’ to take on the discounters.  This could be bad news for those that supply Tesco.