Tesco Chief Executive Steps Down
It was a bad Christmas for Tesco, they experienced a big slump (by Tesco’s standards) which was below their own high expectations and dubbed as “disappointing”. It would now seem that Richard Brasher has fallen on his sword and taken responsibility for one of the biggest slumps in 20 years.
In his stead will be Phillip Clarke, a fellow executive – it was been widely published that Clark and Brasher did not see eye to eye. Either way, after Tesco’s drop in market share something had to give, whether this drop was affected by the bad relationship the two had remains to be seen but it will be intereseting to see which direction Tesco take themselves after this change in management.
Further diversifying into other countries could be an option but this is not likely to take a front seat as the UK still makes up the majority of their profits. Either way the power house will keep on going and hopefully slip up again so that the smaller companies can get a bit more of that market share.