Dave Lewis, the boss of Tesco, has decided to quit the supermarket he has led since September 2014.
He will be replaced by Boots lifer Ken Murphy, after claiming the grocer’s turnaround “is complete”.
Mr Lewis said: “My decision to step down as group CEO is a personal one.
“I believe that the tenure of the CEO should be a finite one and that now is the right time to pass the baton.
“Our turnaround is complete, we have delivered all the metrics we set for ourselves. The leadership team is very strong, our strategy is clear and it is delivering.”
Tesco chairman John Allan said Mr Lewis first approached him “some time ago” to explain he was ready to move on, allowing Mr Allan the chance to start a hunt for a replacement.
He said: “It is with regret that I have accepted the resignation of Dave Lewis as group CEO of Tesco, who has decided that he wants to leave the business in the summer of 2020.
“Dave has done an outstanding job in rebuilding Tesco since 2014 and he continues to have unwavering support from the board.
“Some time ago, however, he indicated to me that he was considering the best time to hand over to a successor. His openness allowed me to begin a thorough and orderly process to identify a potential candidate to replace him.”
Mr Murphy has spent his career with high street chain Boots – first with Alliance Unichem, then Boots.
He was joint chief operating officer at Boots UK and Ireland before rising to executive vice president, chief commercial officer and president of global brands at Walgreens Boots Alliance.