Tesco Plc, the largest U.K. retailer, said Chief Executive Officer Terry Leahy will step down in March after 14 years in the position. Phil Clarke , the head of the company’s operations in Asia and Europe, will succeed him.
In more than a decade as chief executive officer of Tesco Plc, Terry Leahy prided himself on the creation of an international business that grew to become a third of sales. His successor is starting to dismantle it.
B&M European Value Retail SA, the U.K. retailer chaired by former Tesco Plc boss Terry Leahy, is pressing ahead with an initial public offering that may value the discounter at as much as 2.9 billion pounds ($4.9 billion).
Tesco Plc’s former Chairman Ian MacLaurin publicly criticized the legacy left by Terry Leahy and asked for his successor as chief executive officer to be given more time to turn around the U.K.’s largest grocer.
B&M European Value Retail SA, the U.K. discount retailer chaired by former Tesco Plc boss Terry Leahy, rose on its London trading debut after owners including private-equity firm Clayton Dubilier & Rice LLC raised more than 1 billion pounds ($1.7 billion) from an initial public offering.