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Tesco chief executive to be replaced by Unilever boss

The chief executive of supermarket giant Tesco is stepping down in October, the company announced today.

Philip Clarke will be replaced by Dave Lewis, a top executive at consumer goods conglomerate Unilever.

Mr Lewis is in line for a £1.25m basic salary along with standard benefits.

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Tesco sales and profits 'somewhat below expectations'

Philip Clarke's departure as Tesco chief executive follows a disappointing set of sales figures for the first half of this year, the company said in a statement.

The supermarket giant said "challenging" trading conditions and a weaker than expected market meant "sales and trading profit in the first half of the year are somewhat below expectations".

Tesco said the first half of this year has seen sales and profits 'below expectations'. Credit: Rui Vieira/PA Archive/Press Association Images

The company's chairman Sir Richard Broadbent paid tribute to Mr Clarke's achievements but said it was time for "a new leader with fresh perspectives and a new profile".

Mr Clarke said it was "the right moment" to hand over the reins and that he was "delighted" that Unilever executive Dave Lewis had been chosen as his replacement.

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