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Tesco appoints new CEO

Tesco plc appointed Dave Lewis as its new Chief Executive Officer effective 1 October, replacing outgoing CEO Philip Clarke.

The company said Clarke will continue to provide support to the company during the transition until end of January 2015. He will also remain Chairman of Tesco’s joint venture with CRE in China until that date.

"Having taken the business through the huge challenges of the last few years, I think this is the right moment to hand over responsibility and I am delighted that Dave Lewis has agreed to join us. Dave has worked with Tesco directly or indirectly over many years and is well-known within the business. I will do everything in my power to support him in taking the company forward through the next stage of its journey," Clarke said in a statement

The Tesco Board said with Dave’s leadership, Tesco will sustain and improve its leading position in the retail market.

On appointment, Dave will receive a basic salary of £1.25 million (USD) and standard benefits commensurate with his position. He will also receive a sum of £525,000 in lieu of his current year cash bonus from Unilever. In addition, he will receive restricted Tesco plc awards of equivalent expected value in lieu of his deferred share awards from Unilever.

Clarke, on the other hand, will receive his current salary and benefits for the six month transitional period during which he will either be in post as Chief Executive or supporting the transition.