Dividend fears hit Tesco shares July 22, 2014 SHARES in Tesco slumped nearly four per cent yesterday on fears that dividends could be cut as analysts called for a complete overhaul in strategy under its new chief executive. JP Morgan analysts said Unilever director Dave Lewis, due to take over from Philip Clarke in October, would have to reset its UK margins from [...]
London Report: FTSE rises as rebels move to hand over MH17 black boxes July 22, 2014 THE UK’S top equity index rallied yesterday, lifted by technology group ARM, which rose after posting higher profits. The FTSE 100 added 66.90 points or 0.99 per cent to 6,795.34, while other global markets also moved higher on news that pro-Russian rebels in Ukraine had complied with western requests to hand over the black box [...]
Tesco to splash £11m on Dave Lewis and Philip Clarke rescue operation July 21, 2014 Tesco will spend more than £1.8m on its new chief executive Dave Lewis but up to £9.6m on departing boss Philip Clarke as the supermarket puts its faith in the industry outsider to turn its sales around. Clarke’s shock departure and his replacement with Unilever’s president of personal care, who will start in October, comes [...]
Dave Lewis: Tesco banks on first outsider in its 95-year history. Will he make a difference? July 21, 2014 Tesco’ incoming boss Dave Lewis will have no easy task on his hands when he takes the reins at the UK’s biggest retailer and the world’s third largest chain in October. But while he lacks the Tesco genes that Philip Clarke had from spending 39 years at the grocer, Lewis makes up for it in [...]
City Views: Where do you think Tesco went wrong and what is your view on the CEO change? July 21, 2014 PAUL O’REILLY | VIRTUAL 1 I believe that Tesco should get rid of sections such as gardening and homeware. Also, Tesco was wrong to introduce auto-checkouts, as it needlessly cut of hundreds of jobs. I have no view on the CEO change other than I hope he will improve the company. RICHARD HILL-TOUT | SAUL TRUSTEE COMPANY [...]
City of London and Westminster property tribes (almost) put rivalry aside July 21, 2014 The City of London and Westminster’s property giants put their old rivalries aside last night, as they came together in the House of Lords to launch Building Central London’s Future – A Manifesto For Growth. Well, almost… First to the stage was co-founder of Exemplar Properties and chairman of Westminster Property Association Daniel Van Gelder, [...]
London Report: FTSE falls as tobacco stocks are burned by $23.6bn US fine July 21, 2014 BRITAIN’S top share index fell yesterday, with tobacco stocks hit by a multi-billion-dollar fine against RJ Reynolds in the United States and retailers slipping after a profit warning from Tesco. The prospect of further sanctions by the West against Russia over last week’s downing of an airliner over Ukraine also discouraged investors from making big [...]
Too big to succeed? How Tesco’s new leader can take on the toxic retailer July 21, 2014 The last-minute cancellation of his “40 years at Tesco” party suggests that Philip Clarke’s departure came as a big surprise. But in truth, his future at Tesco had been looking increasingly bleak for months. The man himself conceded as much in March, with his surprise statement at a conference that his days as chief executive [...]
Dave Lewis: Tesco share prices jumps as investors bet on new CEO’s strong Unilever record July 21, 2014 Investors have been reassured by the appointment of Dave Lewis as Tesco's new top dog. Despite a profit warning, Tesco's shares sprang up by as much as three per cent as markets opened. Part of that can be explained by the coming departure of CEO Philip Clarke. While he will continue to serve in his [...]
Tesco share price up on CEO exit despite profit warning July 21, 2014 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 [...]