It would seem that Tesco's board agree with the post I wrote a couple of weeks ago, asking "Has Tesco forgotten what made them famous?" Hot off the press today is news that Tesco's embattled CEO Philip Clarke (below left) is on the way out. In a bold move, his replacement, Dave Lewis, comes not from Tesco or any retailer, but Unilever (below right).
Tesco's problems are deep. Back in 2012, when Clarke took on the role I posted here about how Tesco had waited too long to revitalise their brand. As one angry shareholder said at a recent meeting, Tesco sufferer from "arrogance when it was doing well", and "Once you have lost reputation, it is hard to get it back". Indeed, the problems proved to be harder to resolve than Clarke could have imagined, with declining like-for-like sales in 10 out of the last 13 quarters.
So, Dave Lewis will have an over-flowing in-tray when in October he arrives in Chesunt, where Tesco are based. Here are a few bits of food for thought.