Tesco share price: Booker boss to head grocer’s UK & Ireland operations

Britain’s biggest supermarket reaffirms full-year expectations

Tesco share price: Booker boss to head grocer’s UK & Ireland operations

Tesco (LON:TSCO) has appointed Booker Group’s (LON:BOK) chief executive as head of its operations in the UK and Ireland, the FTSE 100 company has disclosed. Britain’s biggest grocer, which is currently in the process of acquiring the wholesaler, further told investors that it was on track to meet its full-year profit expectations.

Tesco’s share price has slipped marginally into the red in today’s session, having given up 0.36 percent to 201.48p as of 08:33 GMT. The shares are outperforming the broader UK market, with the benchmark FTSE 100 index having tumbled 1.17 percent to 7,356.65 points.

Booker boss appointed as CEO of UK & Ireland

Tesco announced in a statement this morning that upon its completion with Booker, the wholesaler’s boss Charles Wilson will be appointed as CEO of the enlarged group’s retail and wholesale operations in the UK & Ireland. The division’s current boss Matt Davies will continue as CEO until completion, when he will step down and after supporting a handover and will leave the company at the end of April.

“I am delighted Charles will be joining the Tesco Board and Executive Committee. He brings substantial commercial and retail experience and has an exceptional track record of increasing performance and driving growth in customer-focused businesses,” Tesco’s chief executive Dave Lewis commented in the statement.

The news comes after the Competition and Markets Authority cleared Tesco’s merger with Booker in December, with the tie-up now pending shareholder approvals.

Blue-chip supermarket reaffirms full-year targets

Tesco noted in a separate statement that since its third-quarter and Christmas update last month, its trading performance had been in line with management’s expectations and that it expects to deliver at least £1.575 billion operating profit before exceptional items for the financial year ending 24 February.

As of 08:54 GMT, Monday, 05 February, Tesco PLC share price is 201.10p.

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