Tesco announced today that Booker boss Charles Wilson will take over as its chief executive for retail and wholesale operations in the UK and Ireland.
The move was made public ahead of the supermarket’s £3.7 billion merger with Booker, expected to complete on 5 March. Shareholders will vote on the merger at a meeting on 28 February.
The 50 year-old retail veteran will replace current chief executive Matt Davies who has been at the helm for three years and will leave the group at the end of April.
Under Wilson’s reign, Booker steadily grew into a highly successful company with £3bn in sales, after it broke away from Iceland to become Britain’s largest wholesaler.
Tesco's overall chief executive, Dave Lewis, said: “I am delighted Charles will be joining the Tesco board and executive committee. He brings substantial commercial and retail experience and has an exceptional track record of increasing performance and driving growth in customer-focused businesses.
“Charles is ideally suited to lead the UK & ROI business for the combined group in the next phase of our turnaround."
Lewis added: “I would also like to thank Matt for his outstanding contribution to Tesco over the last three years. His values based leadership and invaluable support have been instrumental to the significant progress we have made in the transformation of the UK & ROI business. I wish him well for the future.”
Charles Wilson was first appointed to the board of Booker in June 2007. He started his career in 1986 with Procter & Gamble, following which he was a consultant with OC&C Strategy Consultants and a director of Abberton Associates.
According to Tesco, Mr Wilson will earn £575,000, plus an annual bonus of up to £200,000, with an annual share plan award of 225 per cent.