'The bloke that saved Tesco' heading for the checkout

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Dave Lewis is leaving his role at Britain's biggest supermarket after a turnaround that is little short of breathtaking.

Tesco chief executive Dave Lewis, at the new Jack's store in Chatteris, Cambridgeshire, Wednesday September 19, 2018There is no getting away from it – the resignation of Dave Lewis as Tesco's chief executive is a shock.

He added:"I will take time out with my family, recharge my batteries and think about what I might want to do next." This is lower than it was at the time of his arrival but Tesco's market share has not fallen during the last five years, proportionately, to the same extent as the other members of the big four - Sainsbury's, Asda and Morrisons.

This was seen at the time as a risky measure, as Tesco's recovery was far from complete, but longer term it will pay off as it has strengthened Tesco's position in convenience immeasurably. Tesco's closing share price on 29 August 2014, the last day before Mr Lewis arrived to take control - his starting date having been brought forward - was 229.95p and it has spent much of the intervening period languishing below that, partly because the entire UK stock market and UK-focused stocks have been out of favour since the Brexit vote.

Both Lord MacLaurin and Sir Terry were recruited from within and so was Phil Clarke, Sir Terry's ill-fated successor.

 

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