Tesco Bank appoints ex-Treasury mandarin to board October 7, 2019 Tesco Bank has appointed Sir John Kingman, the ex-Treasury mandarin who supervised the UK’s bank bailouts during the financial crisis, to its board as a non-executive director. Kingman was second permanent secretary to the Treasury in 2008, when Britain’s banks were given hundreds of billions of pounds by the UK government to keep them afloat [...]
BP drills closer to home than Tesco for new CEO October 4, 2019 If the benchmark for CEO succession planning is to have a slate of credible internal candidates ready to take the helm when a veteran boss retires, this week’s news suggests that BP deserves plaudits and Tesco brickbats. In reality, the situation at the two companies is more nuanced, but both the impending departures of Bob [...]
DEBATE: Is the departure of Dave Lewis a problem for Tesco? October 3, 2019 Is the surprise departure of Tesco chief executive Dave Lewis a serious problem for the company? YES, says Adam Vettese, an investment analyst at multi-asset investment platform eToro. It’s going to be a challenge for Tesco. To say that Dave Lewis will be a tough act to follow is an understatement. He took over at [...]
Few get to choose their manner of exit October 2, 2019 At least one of the corporate titans to announce their departure yesterday had been thinking about it for some time. Martin Gilbert told this newspaper nearly a year ago that picking the moment for a smooth exit is tough. “When things are going well,” he said, “you don’t want to leave — and when they’re [...]
Metro Bank shares jump after new bond deal and departure of chairman Vernon Hill October 2, 2019 Metro Bank’s share price jumped in trading today after the embattled lender revealed the succesful relaunch of a £250m bond issue and the planned departure of chairman Vernon Hill. Shares in the group climbed 30 per cent to 234p in trading this afternoon as investors reacted to the firm’s double announcement. The challenger bank had [...]
Big Boots to fill: Meet the Walgreens exec replacing Tesco’s CEO October 2, 2019 Boots veteran Ken Murphy has been named as the successor to outgoing Tesco chief executive Dave Lewis. The City reacted with surprise this morning to the news of Lewis’ departure, and the appointment of the relatively unknown new boss. Read more: Analysts react to Dave Lewis shock departure Murphy, a qualified accountant, began his career [...]
Tesco CEO: Analysts react to Dave Lewis’ shock departure October 2, 2019 Tesco chief executive Dave Lewis this morning made the shock announcement that he is preparing to step down, saying the supermarket giant’s turnaround is complete. Lewis cited personal reasons for his decision and declared that five to six years is an appropriate tenure for a chief executive. Read more: Tesco CEO Dave Lewis quits Boots [...]
From big hitters to big quitters: Three FTSE resignations surprise the City October 2, 2019 A trio of City big-hitters shocked the Square Mile this morning after revealing plans to resign from their companies. Tesco boss Dave Lewis, Standard Life Aberdeen fund veteran Martin Gilbert and Metro Bank chairman Vernon Hill all said today that they will be leaving their posts. The triple-whammy of surprise announcements was met with mixed [...]
Tesco CEO Dave Lewis quits as supermarket declares turnaround ‘is complete’ October 2, 2019 Tesco chief executive Dave Lewis is stepping down from the Big Four supermarket, it revealed today as it declared its turnaround is complete. The CEO will leave the business next summer after chairman John Allan said he had accepted his resignation letter “with regret”. Read more: Tesco sells mortgage arm for £3.8bn Lewis called the [...]
FTSE 100 sinks as Brexit ultimatum and manufacturing crisis pummel European stocks October 2, 2019 The FTSE 100 fell one per cent in early trading today as markets stumbled over Boris Johnson’s “take it or leave it” Brexit ultimatum and weak US economic data. London’s blue-chip index dropped to 7,287.8 points shortly after open today, following global stocks plunging into a sea of red overnight. Read more: Boris Johnson’s ‘clarity [...]