Tesco share price rises amid talk of more boardroom changes and mounting pressure on chairman Sir Richard Broadbent October 7, 2014 Tesco's share price recovered slightly yesterday, ticking up 2.4 per cent by close, but the talk was of more changes at the top. According to the Financial Times, Tesco shareholders have been meeting with the company's senior non-executive director Patrick Cescau to ascertain if further boardroom reshaping is required. Tesco appointed two new board members yesterday, Richard Cousins and [...]
Tesco share price rises as Richard Cousins and Mikael Ohlsson join board October 6, 2014 Tesco brought some relief to its unhappy investors yesterday after announcing that it had beefed up its board by hiring the chief executive of catering giant Compass and the former boss of Ikea. The embattled retailer said Richard Cousins, a turnaround specialist who had led Compass since 2006, and Mikael Ohlsson, who was chief [...]
Banks lead the pack as FTSE bounces back – London Report October 6, 2014 GAINS in major bank stocks led Britain’s benchmark equity index higher yesterday, and troubled supermarket group Tesco rose after new board appointments. The blue-chip FTSE 100 index, which fell to its lowest closing level in nearly a year last week, closed up by 0.6 per cent, or 35.74 points, at 6,563.65 points. Among the financials, [...]
Tesco chairman Sir Richard Broadbent could be considering his resignation October 6, 2014 Is Tesco chairman Sir Richard Broadbent departing the supermarket? After overseeing probably the retailer’s worst period in history, Broadbent may finally be mulling an exit from the country’s biggest supermarket. The chairman would consider stepping down, the Wall Street Journal reports, after the investigation into a recently discovered £250m accounting blackhole is complete, After three [...]
Tesco share price rises on board announcements October 6, 2014 Tesco's share price rose this morning after the troubled supermarket revealed it was bolstering its senior team. The retail giant, whose share price had fallen 52 per cent this year by the end of Friday's trading, has added two new non-executive members to its board, including former chief executive and president of Ikea Group Mikael Ohlsson. The [...]
Tesco prepares for boardroom revamp after £250m profit error October 5, 2014 Tesco is to shake up its board as part of new chief executive Dave Lewis’ efforts to restore the supermarket’s credibility after an accounting error that led it to overstate its profits by £250m. The retailer is expected to appoint a number of new non-executives to the board, which is led by chairman Sir Richard [...]
Tesco’s share price has fallen 52pc in a year, but company receives Gulfstream jet October 4, 2014 Tesco's share price has dropped 52.4 per cent in the last year and it overestimated its half-year profits by £250m. Why, then, is the besieged supermarket taking delivery of a new private jet; a Gulfstream G550 worth a reported £31m? Any blame could lie at the door of Philip Clarke, the chief executive who left the [...]
Store wars: Lidl attacks Morrisons with combative ad campaign October 4, 2014 Lidl have launched a new ad campaign, ridiculing Morrisons's attempts to match their prices. This may sound like dry advertising rivalry, but the gauntlet has been well and truly thrown down. Great advertisement from @LidlUK – very clever response to @Morrisons price pledge. pic.twitter.com/zUwrEKms6c — Steve Myall (@stevemyalleats) October 4, 2014 The advert lists the steps [...]
David vs Goliath? Why Tesco’s “Every Little Helps” is losing the battle for supermarket supremacy October 3, 2014 Like most of us, I’ve been watching the differing fortunes of Tesco and Aldi play out over the past few days. And it’s compulsive viewing, not least of all because we love the underdog. Plucky little Aldi with just 500 stores, takes on the might of Tesco and gives the goliath a bloody nose. Great [...]
Tesco share price drops yet again as supermarket misery continues October 3, 2014 The misery continues for Tesco as its share price dropped yet again in early morning trading. Tesco shares fell by over two per cent, before recovering slightly to a price of 176.03 pence per share – a 1.8 per cent drop. The supermarket’s stock has taken a pummelling in recent weeks, falling by [...]