Tesco (LON:TSCO) said on Wednesday that its CEO, Dave Lewis, has decided to step down from his position.
Shares in Tesco were up during trading on Wednesday.
The Group CEO is set to depart from the business in the summer of 2020, Tesco said on Tuesday in its interim results.
Chairman John Allan added that “we have appointed Ken Murphy to succeed Dave as Group CEO of Tesco next summer.”
The British supermarket and general merchandise retailer also revealed that profit before tax for the half year amounted to £494 million, rising 6.7%.
Tesco said that it is now well-positioned to continue to be highly competitive “in challenging markets”.
“Despite challenging external conditions we have delivered a very good start to the year,” Dave Lewis said.
“I’m very pleased to say that we have now delivered every element of the turnaround plan and from this position of strength, the transformation of our business continues at pace,” the Chief Executive continued.
“My decision to step down as Group CEO is a personal one. I believe that the tenure of the CEO should be a finite one and that now is the right time to pass the baton,” Dave Lewis commented on his resignation.
“Our turnaround is complete, we have delivered all the metrics we set for ourselves. The leadership team is very strong, our strategy is clear and it is delivering. The Tesco brand is stronger and customer satisfaction is the highest it has been for many years. Colleagues are doing an extraordinary job and their expertise shows in every store and channel every day.”
Earlier this year, the British supermarket chain reported a slowdown in sales growth in the first quarter.
It also revealed a 34% rise in full-year profit earlier in April.
Shares in Tesco plc (LON:TSCO) were trading at +2.17% as of 09:26 BST Wednesday.
