A Tesco director who controversially sold shares before its profit warning last year has stepped down after nearly 40 years at the grocery giant.
Noel “Bob” Robbins retired last Wednesday after having most recently held the position of business improvement director. He started at Tesco in 1975 and held a variety of roles, including chief executive of Asia and head of Central Europe. Mr Robbins had been UK chief operating officer at the time of the group’s shock profit warning in January 2012, from which the its share price has not yet recovered.
Mr Robbins sold shares worth £202,000 a week before last year’s profit warning, which meant he made nearly £44,000 more than he would have done had he offloaded them on that fateful day. Tesco said the stock sale, which was not made within a closed period, was approved in the usual way. The company also said it had been “confident [he] was not in possession of any price-sensitive information”.