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Tesco share price: Grocer beefs up board with veteran dealmaker

Tesco (LON:TSCO) has added a veteran dealmaker to its board, the blue-chip grocer has said. The move comes after Britain’s biggest supermarket completed the acquisition of wholesaler Booker Group earlier this year.

Tesco’s share price has fallen into the red in today’s session, having given up 0.73 percent to 243.20p as of 13:29 BST. The stock is fractionally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.50 percent lower at 7,467.42 points. The group’s shares have added a little over 31 percent to their value over the past year, as compared with about a one-percent rise in the Footsie.

Board change at Tesco

Tesco announced in a statement today that  Melissa Bethell will be joining the group’s board as a non-executive director and will become a member of the Audit Committee with effect from September 24. The Financial Times noted in its coverage of the news that she was one of Bain Capital’s most senior dealmakers in Europe until the start of the current year. Bethell is a partner at investment fund Atairos, an investment fund backed by Comcast NBC Universal, and a director at Exor, a listed holding company for the Agnelli family.

“Her broad range of skills and experience will be of significant benefit to the Board as we implement our strategy,” the grocer’s chairman John Allan commented in today’s statement.

Analysts on FTSE 100 grocer

The 16 analysts offering 12-month price targets for Tesco for the FT have a median target of 275.00p on the shares, with a high estimate of 300.00p and a low estimate of 200.00p. As of August 31, the consensus forecast amongst 21 polled investment analysts covering the blue-chip supermarket has it that the company will outperform the market. 

As of 13:44 BST, Tuesday, 04 September, Tesco PLC share price is 242.85p.

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