Tesco headhunts replacement for long-standing chair
Supermarket giant Tesco is approaching potential candidates to replace its long-standing chairman John Allan, Sky News has reported.
Allan will step down from the role after 10 years at the company, after which he will no longer be considered independent under corporate governance guidelines.
Sky News says that a number of heavyweight boardroom figures have been approached regarding the role.
The hunt for a successor is being led by former BP finance chief Byron Grote, who is stepping down from the Tesco board later this year.
Allan has previously served as president of the Confederation of British Industry, and is also the current chair of house builder Barratt Developments.
Allan was appointed following a huge financial crisis for the grocer, which put the very survival of the business in doubt. Alongside the then chief executive Sir Dave Lewis, he helped bring stability to the retailer, selling a number of overseas ventures and growing its UK market share. He also helped oversee the appointment of former Boots executive Ken Murphy as Sir Dave’s replacement.
The grocer remains the UK’s largest retailer.