Tesco moves UK exec who sold shares
SUPERMARKET giant Tesco has moved Bob Robbins from his role as UK chief operating officer three weeks after it was revealed he sold stock ahead of a profit warning, according to an internal announcement yesterday.
The announcement said Robbins, who has held the UK COO role since March 2011, will work directly for group chief executive Philip Clarke “on a number of initiatives”.
“Bob will work directly for me in a new role that will allow the executive team to increase its focus on the strategic priorities we have established whilst strengthening further the support we provide to the UK business,” said Clarke.
Robbins sold 50,000 shares at 404.51p apiece on 4 January, netting around £202,000, according to a filing published on 5 January.
That was eight days before Tesco reported its biggest drop in underlying British sales for decades and issued a profit warning that sent its shares plunging.
Tesco said it and Robbins had operated within the rules, though the sale was criticised by corporate governance watchdogs.
A Tesco spokesman said Robbins’ move was about using his skills to the best advantage of the whole business and was entirely unrelated to his share sale.