Tesco chief executive to retire

CUFFLEY resident Sir Terry Leahy has revealed that he will stand down as the chief executive of supermarket giant Tesco next year.

Sir Terry, who lives in The Ridgeway, announced his decision today (Tuesday) after 14 years in the role.

He said: “When I became CEO I had a plan to build Tesco around its customers, to make it number one in the UK and to find new long term growth in non-food, in services and in international expansion.

“I wanted to develop a purpose and values that could sustain Tesco through its challenges and encourage and grow future leaders.

“It has taken 14 years but that strategy has become a firm reality now and so I feel my work is almost complete.”

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Sir Terry will leave his post in March 2011 at the age of 55.

He will, however, remain a large shareholder in the company, which has bases in WGC and Cheshunt.

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Sir Terry will be replaced by International Operations director Philip Clarke, who has worked for Tesco since 1974.

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