CEO of Britain’s Biggest Retailer Tesco is Stepping Down

Dave Lewis, the Chief Executive of Britain’s biggest retailer, Tesco, announced on Wednesday that he is stepping down from the company next summer.

Lewis, who has been with the company for six years, will be succeeded by Ken Murphy, an executive at Walgreens Boots Alliance.

The announcement of Lewis’ departure was revealed as the company reported first-half operating profit that saw a growth of 25.4%.

Mr. Lewis stated, “I believe the tenure of a chief executive should be a finite one and that now is the right time to pass the the baton. The turnaround is complete, we have delivered all the metrics we set ourselves. The leadership team is very strong, our strategy is clear and it is delivering.”

Lewis said that the decision to leave was a personal one. He also added, “With these firm foundations and a competitive, sustainable growth strategy in place, I have no doubt that Tesco will kick on again under new leadership next year.”