Philip Clarke took on a tough job as Tesco's chief executive - now his reign is over after three years of declining sales.
Tesco shareholders have every reason to feel glum. For much of the last three years the supermarket has looked in steady decline.
Tesco today takes on the high street's banking giants as it launches its first current account.
Tesco chief executive Philip Clarke is to step down in October, it was announced today.
Tesco announced that Dave Lewis is to join the Tesco board from October 1st as chief executive officer in succession to Philip Clarke.
Mr Lewis will receive a basic salary of £1.25 million along with standard benefits.
He will receive a sum of £525,000 in lieu of his current cash bonus from Unilever, where he worked in a variety of roles for almost 28 years.
Tesco is to remove an area of spikes from outside its store on Regent Street, central London, after activists claimed they were "anti-homeless".
The supermarket said the "studs" on a ledge outside the Metro convenience store were installed to deter anti-social behaviour like smoking and drinking, which intimidated their customers.
But with a protest, organised by Left Unity, set to take place outside the store tonight, Tesco said it would remove them to address concerns of those who "interpreted them as an anti-homeless measure".
"We don't want to live in a society where public space is covered in spikes. Homeless people are not pigeons," Left Unity spokeswoman Bianca Todd said.
Tesco chief executive Philip Clarke today unveiled a third successive quarter of worsening sales decline and indicated there was little immediate prospect of an end to the gloom.
ITV News Business Editor Joel Hills is following developments:
Tesco still looks in stead decline - like for like sales fall again. Down 4% as it continues to lose customers to its rivals.
Tesco says it is "sharpening" prices, it is not cutting them aggressively. Seeks to be competitive, not the cheapest.
May get worse at Tesco before it gets better. Turnaround to "continue to impact our headline performance throughout the coming quarters".
The pressure on Tesco chief executive Philip Clarke has intensified following another big drop in like-for-like sales. Here is a timeline of the company's performance since he took the helm in 2011.
- February 2011: Sir Terry Leahy steps down as chief executive after 14 years in charge, overseeing a leap in pre-tax profits to £3.4 billion in 2010.
- January 2012: Tesco shocks the market with its first profit warning in almost 20 years after poor Christmas trading, plunging more than £4 billion.
- April 2012: The chain unveils a £1 billion UK revival plan, following complaints that 2,800 of its stores are cold.
- April 2013: Tesco reports its first fall in annual profits in 19 years, with post-tax profit tumbling almost 96% to £120 million from 2012.
- February 2014: The supermarket promises to spend an additional £200 million on lower prices for basic products.
- April 2014: Profits fall 6.9% to £3.05 billion.
- June 2014: The chain reports a 3.7% fall in like-for-like sales for the first quarter of its financial year.
Tesco has defended its first quarter results, after it revealed a 3.7 per cent fall in like-for-like sales. Chief executive Philip Clarke said: "As expected, the acceleration of our plans is impacting our near-term sales performance."
Mr Clarke added: "The first quarter has also seen a continuation of the challenging consumer trends in the UK, reflecting still subdued levels of spending in addition to the more structural changes taking place across the retail industry.
"We are determined to lead in this period of change, building long-term customer loyalty and positioning the business to win in the multichannel era".
Supermarket chain Tesco has reported a 3.7% fall in like-for-like sales in its first quarter.
The United Kingdom's biggest supermarket Tesco is expected to post a third successive quarter of worsening sales when latest trading figures are published today.
The first quarter update is likely to pile further pressure on embattled chief executive Philip Clarke and comes as latest industry data shows a continuing squeeze on the retailer's market share.
Analysts' forecasts for the like-for-like sales decline for the period range from 3.5% to more than 4%. It follows drops of 1.4% and 2.9% in the previous periods.