Tesco moves executive in controversial share sale
Tesco has handed a senior executive a new role just four weeks after he made more than £200,000 by selling shares shortly before its first profits warningin 20 years wiped £5bn off its market capitalisation.
The controversial share-sale by Noel "Bob" Robbins, UK chief operating officer, on 4 January raised City eyebrows as it came just eight days before the grocery giant's calamitous statement on its dire domestic Christmas trading and expectations of "minimal" profit growth next year.
Tesco said yesterday it had moved Mr Robbins, who had been in his previous role for less than a year, to work directly for the chief executive, Philip Clarke, "on a number of initiatives".
But Tesco said the change of role for him had nothing to do with the share transaction, adding it was about getting the right people into different areas of the business.
"As we move closer to the new financial year, I have reflected on the changing needs of the business and I have asked Bob Robbins to change his executive committee accountabilities," said Mr Clarke.
Richard Brasher, the UK chief executive of Tesco, said: "I would personally like to thank Bob for his contribution and support over the last year. His wealth of experience has improved our store operations and I look forward to working with him on delivering our strong investment plan over the coming year."
Mr Robbins will be succeeded as head of operations in the UK by Chris Bush, current boss of Tesco's Thailand business, who has been at Tesco for 29 years. John Christie, a 30-year Tesco veteran, is to take over from Bush in Thailand.
Mr Brasher said: "Last month we set out our determination to invest in the UK business. These changes give the UK board the combined strength of a very experienced leader of change and a talented country chief executive who has done an extraordinary jobin Thailand."
- 1 BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
- 2 Number of young homeless people in Britain is 'more than three times the official figures'
- 3 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
- 4 The biggest first date turnoff has been revealed
- 5 German man found living with 300 rats in tiny apartment
BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
Number of young homeless people in Britain is 'more than three times the official figures'
Budget 2015: George Osborne to axe subsidies for higher income earners in social housing
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...