Tesco's woes continue as director leaves
Tesco's management shake-up is continuing, as the supermarket giant's group strategy director has become the latest to leave his post.
In place of Michael Fleming, who has gone on sabbatical after just 18 months in the role, Tesco has appointed Sergei Spiridonov from the consultancy McKinsey. There has been an exodus of managers since Philip Clarke became chief executive last year.
The retailer has been struggling to turn around its performance following a fall in half-year profits – its first drop in almost 20 years – and investor concerns over its loss-making American chain.
In the past two years, former finance director Andy Higginson, e-commerce chief Laura Wade-Gery, Asian boss David Potts and Richard Brasher, who headed the UK arm, have all left.
Tesco, which has operations in 13 countries, including China, posted a 12 per cent slump in pre-tax profits to £1.7bn in the half year to August. It declined to comment.
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