Seeking Alpha

Tesco replaces CEO

After reporting its sharpest drop of quarterly sales in decades, Tesco (OTCPK:TSCDF, OTCPK:TSCDY) announced that Philip Clarke will step down as CEO to be replaced by Dave Lewis, president of the personal-care division at Unilever.

Tesco, Britain's biggest retailer, has been suffering due to competition from discount chains.

Clarke had introduced store refits, product ranges, online services and cut prices but failed to increase sales.

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