Tesco PLC (LSE:TSCO) appointed former Aldi boss Matthew Barnes to head up its UK operations on Thursday, leaving investors questioning whether he could one day be the successor to top dog Ken Murphy.
Jason Tarry, Tesco UK’s current CEO, will step down from his role in March 2024, having worked at the supermarket company for over three decades, six years of which was as boss of British operations.
“Little could I have imagined 33 years ago, the journey I would go on with Tesco. My life in Tesco has been a wonderful experience. This decision was not made easily but this is the right time for me to move on,” Tarry said.
Tesco Group CEO Ken Murphy said in a company statement: “Jason has made an immense contribution to our business. Under his leadership, Tesco today is the most competitive we have ever been.
“We have five months until Jason leaves us, and I know he will do his utmost to ensure our UK business continues its very strong performance until then, including delivering a winning Christmas.”
Matthew Barnes, Tarry's replacement, was the head of Aldi UK & Ireland between 2015 and 2018 before he was promoted to co-head of the German retailer’s parent company executive board.
Having left Aldi at the start of 2023 to move him and his family back to the UK, Barnes was quickly linked with the Morrisons head role, but those rumours have been put to rest following today’s announcement.
“It is an honour to be appointed as UK CEO. I come to this role with a real sense of determination to ensure that we build on the progress of the last number of years and deliver for our customers and colleagues,” Barnes said.
Shares in Tesco jumped a little over 1% on Thursday, having opened at around 270p.