Broadbent takes over as new chairman of Tesco

SIR RICHARD Broadbent has officially taken over as Tesco’s new chairman, replacing David Reid, who has spent almost two decades on the board of the UK’s leading supermarket chain.

The appointment, seen as one of the biggest corporate roles in the UK, was first announced in May, with Sir Richard joining the board as a non-executive director during the summer.

The City grandee was formerly deputy chairman at banking giant Barclays and had also been widely tipped to take over from Lord Sharman as chairman of insurer Aviva next year.

Sir Richard started his career the Treasury in 1975 before joining Schroders in 1986, where he rose to head of the corporate finance in 1995. He joined the board of Barclays in 2003.

The appointment marks another change at the retailer after its long-standing chief executive Sir Terry Leahy retired earlier this year, replaced by Philip Clarke.