Tesco masterplan? New boss keeps investors and staff guessing
In this article (4)
When Phil Clarke was sacked as Tesco’s CEO, senior executives hoped his 0700 strategy meetings would go with him. They did – new boss Dave Lewis starts his at 0630.
Parachuted in from Unilever in September, Lewis soon faced the task of making the shock announcement that a GBP250 million (USD391 million) hole had been found in Tesco’s profits, in an accounting scandal that led to the departure of several senior executives.
Now the CEO – despite having no direct retail experience – is keeping management on a tight rein and personally taking charge of key areas of the business, sources say. And as he conducts a vast review of Tesco’s operations to come up with a strategy to revive its fortunes, he is giving little away – even to insiders.
Questions & Answers
Q.What significant issue did Dave Lewis have to address shortly after becoming CEO?
What significant issue did Dave Lewis have to address shortly after becoming CEO?
Soon after taking over, Lewis had to announce a £250 million hole in Tesco's profits. This was due to an accounting scandal, which also resulted in the departure of several senior executives from the company.
Q.What is the new CEO's background before joining Tesco?
What is the new CEO's background before joining Tesco?
Dave Lewis was 'parachuted in' from Unilever in September. The article notes that he has no direct retail experience, despite now leading the supermarket giant.
Q.How is Dave Lewis currently managing Tesco's operations?
How is Dave Lewis currently managing Tesco's operations?
Sources indicate Lewis is keeping management on a tight rein and personally overseeing key business areas. He is also conducting a large review to develop a new strategy, while revealing little to staff.
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