Tesco Non-Executives to Leave as Grocer’s Board Shrinks Further
Tesco has said that Ken Hanna and Stuart Chambers will retire after the UK grocer's annual general meeting next month, continuing a year of sweeping boardroom change after last year’s profit overstatement.
The retirement of Hanna, 62, and Chambers, 58, leaves the grocer with just two non-executive directors of more than a year’s service: Deanna Oppenheimer and Mark Armour.
Five have already departed this year, including Chairman Richard Broadbent, while Tesco has added new blood in the shape of former BP Plc Chief Financial Officer Byron Grote. Compass Group Plc boss Richard Cousins and former Ikea Chief Executive Officer Mikael Ohlsson joined the board late last year.
Hanna steps down after six years of service, while Chambers has been on the board for five years, Tesco said in a statement on Tuesday.
Following the resignation of Chambers and Hanna, Tesco’s main board will be reduced to nine members.
News by Bloomberg, edited by ESM