Tesco’s UK chief executive, Richard Brasher, has departed from his position after only 12 months in the role, following the retailer’s worst Christmas trading results in 20 years.
In a statement, the grocery retail group said Brasher had stepped down from Tesco’s board with immediate effect and would leave the company in July.
Tesco’s group chief executive, Philip Clarke, has announced he will assume responsibility for the company’s UK business following Brasher’s departure.
He said: “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.
“The depth of management at Tesco and the strong leadership team across the Group allow me to take a more active role in the UK whilst our other businesses continue to grow.”
During his time at Tesco, Brasher was heavily involved in the development of the retailer’s Clubcard and dunnhumby partnership, as well the creation of its international sourcing business over the last 10 years.
However, Brasher may well have paid the price for overseeing one of Tesco’s most difficult Christmas trading periods in many years, with like-for-like sales in the company’s domestic market well below expectations.
Despite the high-profile launch of the £500m ‘Big Price Drop’ promotion last year, like-for-like sales in the six weeks to 7 January 2012 only grew by 0.9 per cent excluding VAT and petrol compared with a year before.
The impact of the sluggish performance was felt immediately on the UK stock market, with the company’s share price dropping by 15 per cent, following the release of the Christmas and New Year trading statement.
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