Tesco (LON:TSCO) is reshuffling its international team, with the division’s chief executive set to step down at the end of May after nearly four decades at the company. The changes will see two executives who have played key roles in the group’s turnaround at home take over his responsibilities.
Tesco’s share price has advanced in London in today’s session, having added 0.53 percent to 188.35p as of 13:18 GMT, and outperforming the broader UK market, with the benchmark FTE 100 index having lost 0.12 percent to 7,415.92 points. The grocer’s shares have lost more than three percent of their value over the past year, and are down by just under nine percent in the year-to-date.
Tesco announced in a statement today that Trevor Masters, CEO of the group’s international division, was set to step down at the end of May, following 38 years at the company. The blue-chip grocer added that from April 1 Tony Hoggett will become Tesco’s CEO Asia and Matt Simister will become CEO Central Europe. Both Hoggett and Simister have worked for the company since the 1990s.
“Tony and Matt’s work has been at the heart of Tesco’s turnaround over the last two years,” the group’s chief executive Dave Lewis commented in the statement, adding that the new roles will allow the company “to focus on the different opportunities presented in Asia and Central Europe”.
The 16 analysts offering 12-month price targets for Tesco for the Financial Times have a median target of 194.50p, with a high estimate of 260.00p and a low estimate of 150.00p. As of March 18, the consensus forecast amongst 22 polled investment analysts covering the blue-chip supermarket advises investors to hold their position in the company.