 new chief executive, replacing Matt Davies who is stepping down at the end of the month. ){kind=link}
Charles Wilson has been announced as Tesco’s (LON: TSCO) new chief executive, replacing Matt Davies who is stepping down at the end of the month.
The Booker (LON: BOK) chief executive will run the group’s UK and Ireland retail operations once the £3.7 billion takeover is completed.
The takeover was announced a year ago was given the go-ahead by competition watchdogs at the end of 2017.
“Our investigation has found that existing competition is sufficiently strong in both the wholesale and retail grocery sectors to ensure that the merger between Tesco and Booker will not lead to higher prices or a reduced service for supermarket and convenience shoppers,” said chair of the inquiry group, Simon Polito.
Tesco said the deal “has always been about growth, and will bring benefits for independent retailers, caterers, small businesses, suppliers, consumers, and colleagues,”
Dave Lewis has said Wilson is “ideally suited” to run the group’s operations in this busy time.
“He brings substantial commercial and retail experience and has an exceptional track record of increasing performance and driving growth in customer-focused businesses,” he said.
Lewis has thanked Davies for his “outstanding contribution” to Tesco, as he plans to step down in March.
Wilson, who starts next month, will be paid a base salary of £575,000 with an annual bonus salary that can be as much as 200 percent of his salary, depending on performance targets.
Tesco plans to pay a final dividend of 2 pence a share for the year.
The group also confirmed that trading is in “line with expectations”. The supermarket hopes to make profits of £1.57 billion before exceptional items in the year to Feb 24.
Shares in the group slipped 0.7 percent in early trading and stood at 201.5 pence.