Struggling U.K. food retailer Tesco on Monday named Dave Lewis CEO effective Oct. 1, succeeding Philip Clarke.
The company in a statement said trading conditions have been more challenging than expected when it last reported financial results in early June. “The overall market is weaker and, combined with the increasing investments we are making to improve the customer offer and to build long term loyalty, this means that sales and trading profit in the first half of the year are somewhat below expectations.”
Lewis currently serves as global president, personal care, for Unilever, where he served various roles for nearly 28 years, including a stint as president of its Americas division.
Clarke will continue to serve as CEO until Oct. 1 at which time he will step down from the board of directors of Tesco. He will continue in a support role though January, Tesco said. Clarke is a Tesco veteran who was appointed CEO in 2011.
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