Tesco chief to step down

Head of Tesco's UK business Richard Brasher will leave the retail giant after just a year.

The chief executive of Tesco's UK business, Richard Brasher, is to leave the supermarket group in July after just a year at the company. Brasher will step down from the Tesco board with immediate effect.

Philip Clark, the CEO of the entire Tesco group, will take responsibility of the UK arm following Brasher's departure.

In a statement, Clark said:

I have decided to assume responsibility as the CEO of our UK business at this very important time. This greater focus will allow me to oversee the improvements that are so important for customers

The UK's been facing challenges that are long standing. This is a consequence of my wish to take a more active role in the day to day management and nothing else, and Richard recognising you can't have two captains in a team.

Tesco is the world's second largest retailer by profits, however its British operations have suffered in recent months. Shares in the company have fallen by 18 per cent since the start of the year. In January, Clark became the first Tesco CEO in two decades to issue a profit warning.

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