Tesco PLC (LON:TSCO) has asked chief executive Dave Lewis to stay on until the autumn as new boss Ken Murphy is not able to start until October.
The supermarket group said Murphy, who it has poached from Walgreens Boots Alliance, will start on the first day of October in order to “fully respecting his contractual non-compete obligations”.
When Tesco first announced the shock plans for Lewis’s departure last October, it said he “wants to leave the business in the summer of 2020”. No date was given had for Murphy’s expected arrival.
On Monday morning Tesco said the Lewis, known by some in the industry as ‘Drastic Dave’, has agreed to stay on until 30 September, adding a few more weeks to his six years in charge.
Looking at the FTSE 100 group's financial calendar, this would allow him to oversee a first-quarter trading statement scheduled for 26 June and would see him leave a week before half-year results are to announced on 7 October.