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People are living longer than ever before and this can impact how you plan for retirement

Tesco UK chief Charles Wilson steps back amid cancer treatment

Laura Onita
Updated
Tesco:
Tesco:

The City on Monday speculated that Tesco’s boss Dave Lewis will stay put for longer than expected after Charles Wilson said he was stepping back after being diagnosed with throat cancer.

Wilson, widely tipped to succeed Lewis as overall boss was chief executive of cash-and-carry chain Booker before he became Tesco’s UK chief following the supermarket’s £3.7 billion swoop for the wholesaler in March.

Tesco said Wilson had responded well to radiotherapy during May and June, and all the signs were that the treatment had been successful. However, as a precaution, he will “remain vigilant in his recuperation”.

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Bernstein’s retail analyst and former Tesco executive Bruno Monteyne said: “It would’ve been a wow factor to have Charles Wilson step up. Dave Lewis will stay on longer than the speculation [that he might leave Tesco].”

To aid his recovery, Wilson’s responsibilities will narrow to focus on leading the Booker business, while remaining on Tesco’s executive committee.

Jason Tarry, chief product officer at Tesco, will succeed Wilson as UK chief executive, and Andrew Yaxley, the Ireland boss, will become chief product officer from next Monday.

Shore Capital's Clive Black said: "We do not know how long Lewis plans to remain as CEO of Tesco; it could be for many years to come as he is far from being a veteran. Whilst so, should the incumbent wish to hang up his boots and move to pastures new then we would have expected Wilson to have been a prime internal candidate for the role, should he have wanted it. Such a possibility may now be subject to question as Wilson needs to prioritise his well-being. That possibility opens opportunities for other candidates in due course."

Monteyne believes Tarry and Yaxley are reliable as they are both long-time Tesco employees, who “came through without being harmed by the Philip Clarke shenanigans”. Lewis discovered an accounting scandal in 2014 after taking over from Clarke.

Shares edged down 3.7p to 256.2p on news of Wilson’s departure.