Unveiling a raft of measures, Tesco announced the appointment of Halfords Chief Executive Matt Davies as the new boss of its UK and Ireland business.
The supermarket's new CEO Dave Lewis described him as "an experienced retailer with a proven track record of turning around businesses".
He will take up the position on June 1.
Here is a look at retail giant Tesco's most significant setbacks over the past four years.
Tesco's CEO is promising shoppers bigger discounts and better service but there isn't much room to make aggressive cuts without self-harm.
The under-pressure supermarket is trying to regain market share by cutting prices on big brands such as Coca-Cola, Hovis and Marmite.