Tesco pays out £1.2m to former chief executive February 3, 2015 TESCO has reluctantly agreed to hand over more than £2m in payments withheld from its former chief executive and former chief financial officer in the wake of last year’s shock £263m profit scandal. Britain’s biggest supermarket said yesterday that it will pay Philip Clarke £1.22m and Laurie McIlwee £970,880 in “liquidated damages” after lifting suspensions [...]
Tesco global CIO Mike McNamara leaves for US retailer Target as supermarket begins hunt for chief technology officer February 3, 2015 Tesco’s top tech boss who was instrumental in the roll out of the supermarket's online and e-commerce business is exiting the company after 15 years for US retailer Target. Mike McNamara, who also sits on Tesco’s executive committee, has led the supermarket's global technology systems as chief information officer (CIO) since 2011. It's the latest in [...]
Warren Buffett and Charlie Munger plan special Berkshire Hathaway letters to celebrate golden anniversary February 3, 2015 He may have admitted to getting it wrong as far as Tesco is concerned, but Warren Buffett still holds legendary status as the most successful investor of the 20th century. His annual letter to investors is always an event and this year will be even bigger than usual as Buffett and his business partner [...]
Tesco clears £2.1m payoff for former executives Philip Clarke and Laurie McIlwee February 3, 2015 Tesco will hand its former chief executive and chief financial officer £2.1m between them, after the payments were approved following the accounting scandal which came to light last year. Philip Clarke and fellow exec Laurie McIlwee will receive £1.2m and £970,880 respectively, after the supermarket found there were no legal grounds to continue withholding the payments. "The [...]
Retail veteran John Allan in the running for Tesco chairman role February 1, 2015 DIXONS Carphone deputy chairman John Allan is tipped to be named as the next chairman of Tesco as the supermarket attempts to revive its fortunes and draw a line under last year’s accounting scandal. Tesco is understood to have drawn up a shortlist of potential candidates to replace Sir Richard Broadbent, who announced in November [...]
From Greek elections and Apple’s record-making profits to Thameslink floods and Afren’s misery: Here’s what got us talking this week January 30, 2015 News was dominated by results from the US this week, but it was Apple that really made waves with its history-making profits of $18bn in one quarter. Here are five things that put that into perspective. (Hint: It's huge). Meanwhile as the results of the Greek election began to sink in, investors started reacting. [...]
Tesco closures prompted by discount rivals January 29, 2015 DISCOUNT rivals Aldi and Lidl could be the reason that supermarket giant Tesco decided to shut 43 of its stores. The retail group announced earlier this month that it was closing unprofitable branches across the UK, and yesterday revealed which stores it had singled out. Of the 43 listed, 74 per cent are within two [...]
Supermarkets could be hit with 1pc turnover fine if GCA gets new powers January 29, 2015 Britain's largest supermarkets could face fines if up to one per cent of their annual turnover if they treat their suppliers badly. Business secretary Vince Cable has put the measures before the House of Commons which would give new powers to the Groceries Code Adjudicator (GCA). The regulator would impose the fine depending on the [...]
Analysis: Why has Tesco chosen to shut these 43 stores? January 29, 2015 Tesco has now announced the 43 stores that it plans to close. 18 Express stores, 12 metro stores, seven superstores and six Home Plus stores. The closures will start taking effect from March. What does it tell us about their location strategy when one looks at the stores set to close? It is a [...]
Sky agrees deal with O2 owner Telefonica to launch mobile service January 29, 2015 Sky has agreed a deal with Telefonica to launch a mobile network in the UK. The broadcaster will launch a mobile service for customers in 2016 using Telefonica’s 2G, 3G and 4G networks. The move follows hot on the heels of rivals moving into the mobile business in order to offer customers so-called "quad play" [...]