Yahoo Finance Tesco UK chief Charles Wilson steps back after cancer operation
Tesco UK chief Charles Wilson, who was widely tipped as a successor to the supermarket's chief executive Dave Lewis, is to move to a less high-profile role within the company after being treated for throat cancer.
Mr Wilson, who ran the wholesale giant Booker until it was taken over by Tesco last year, has been receiving radiotherapy since being diagnosed in April.
Tesco, Britain’s biggest retailer, told investors this morning: “The good news is that Charles has responded very well to the treatment and all the signs are that the treatment has been successful.
“However, given the nature of the illness and the need for [him] to remain vigilant in his recuperation, we have agreed to make... changes to responsibilities within the senior leadership team.”
Mr Wilson will step down from Tesco’s main board but will remain on its executive committee and continue to report to Mr Lewis in a new role focused on managing Booker’s integration with Tesco.
Mr Wilson is credited with giving the once-troubled wholesaler a new lease of life during his 10 years in charge. His decision to join Tesco after the £4bn merger completed in March was seen as a coup for the supermarket chain.
He will be replaced as UK and Ireland boss by Jason Tarry, currently chief product officer, a role that will be filled by Andrew Yaxley, head of Tesco’s Ireland business.
Clive Black and Darren Shirley, analysts at Shore Capital, said in a note that they were “totally shocked” by the news, adding: “Mr Wilson is an outstanding businessman but more importantly a great bloke. Therefore, like everyone, our overwhelming emotion is to wish him the best possible recovery.”
Tesco has bounced back from an accounting scandal in 2014 that foreshadowed its biggest ever loss of £6.4bn. Last year it posted profits of £1.3bn, eight times higher than in 2016.
But it continues to face tough competition from the likes of Aldi and Lidl and could be dethroned as market leader should rivals Asda and Sainsbury’s win approval for a planned merger revealed in April.
