Tesco share price up on CEO exit despite profit warning

Lynsey Barber
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Tesco share price up (Source: Getty)

Shares in Tesco rallied almost two per cent this morning on the news that boss Philip Clarke is standing down, despite the retailer saying sales and profits would fall below expectations.

Tesco's share price jumped 1.8 per cent as investors responded positively to Clarke's departure and his replacement, Unilever's Dave Lewis, the first outsider to take the helm at the supermarket.

Investors are likely to see the exit of Clarke as a positive action in stemming the retailer's declining sales, profit and market share, with figures reported in June the worst quarterly results for the company in 40 years.

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