New CEO starts work earlier
The profit alert was also joined by the news that the new CEO, Dave Lewis, would start his job on Monday, a month earlier than previously announced. Shareholders’ dividends have been lowered 75 % compared to the year before, a 600 million pounds (755 million euro) saving for Tesco.
The company will also lower funds for investments to a maximum of 2.1 billion pounds (2.64 billion euro), 400 million pounds (503 million euro) lower than previously stated and 600 million pounds (755 million euro) lower than a year before.
“The Board’s priority is to improve the performance of the Group. We have taken prudent and decisive action solely to that end”, chairman Sir Richand Broadbent said.
