I view this as a very positive move. The UK is only 50% of Tesco's revenue but its the flagship. This is new CEO Phillip Clarkes first substantial change since taking over and he is known in the group for successfully building the overseas part of the group. I suspect he is a very hands on CEO.
LONDON, March 15 (Reuters) - Tesco, the world's third-biggest retailer, said the head of its UK business is to quit the firm, raising questions over its strategy in its biggest market two months after a profit warning sent shock waves through the grocery sector. The firm said on Wednesday UK CEO Richard Brasher will step down from the board with immediate effect and leave the company in July once he has effected a transition of the UK business.
It said the move follows group CEO Philip Clarke's decision to take a much closer involvement in the UK business. "I have decided to assume responsibility as the CEO of our UK business at this very important time. This greater focus will allow me to oversee the improvements that are so important for customers," Clarke said in a statement.
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