The head of Tesco’s UK business is to step down because of poor sales, it was claimed yesterday according to the Daily Mail and Sky News. Richard Brasher who took on the role a year ago, is reported to be leaving later this year.
Current CEO Philip Clarke is understood to assume responsibility for the chain, according to reports on Sky News. Tesco has recently announced plans to open new stores and create 20,000 jobs over the next two years as it looks to bounce back from it’s recent profit warning.
Tesco’s recent strategy to align discounts to the incomes of families – spearheaded by Brasher – was designed to breathe life into UK sales after a disastrous fall in Christmas takings. Brasher was also behind the ‘Big Price Drop’ campaign, which failed to boost sales and profits that the company was looking for.
Underlying sales over Christmas trading period showed a fall of 2.3 per cent, bringing warnings that profit will not grow and wiping nearly £5billion off the share price.