Tesco is reportedly looking replace outgoing chairman John Allan, who is set to step down in 2024.
Sources told Sky News’ Mark Kleinman that external headhunters had been appointed to help with the recruitment process.
Byron Grote – former BP finance boss and non-executive director of the supermarket chain – will lead the search internally.
Allan took over as chairman in March 2015, in the aftermath of one of Tesco’s worst periods ever as the supermarket had been accused in December 2014 of inflating its profits by £250m.
Over the past seven years, the chairman helped to stabilise the company whilst rebuilding its market share, Sky reported.
The largest supermarket chain in the UK, Tesco has been impacted just like competitors by the impact of Covid and, more recently, the cost-of-living crisis.
The chain increased the price of its meal deal – which includes a main, a drink and a snack – from £3 to £3.40 for Clubcard members, and from £3.50 to £3.90 for ordinary customers.
Tesco was approached for comment.