By Marcus Leach
Tesco Plc have announced that Sir Richard Broadbent will become their new chairman when the current Chairman, David Reid, retires in November 2011.
Sir Richard, who is currently Deputy Chairman at Barclays plc, will join the Board of Tesco Plc as a Non-executive Director with effect from 2 July 2011 and will become Chairman on 30 November 2011.
"I am very pleased that Richard will be joining our Board and then succeeding me as Chairman later in the year," Mr Reid said.
"I am sure that with his wide expertise, his board experience and his personal qualities he will contribute greatly to the future growth of the Group. Good management succession is very important to Tesco and this appointment is the result of a thorough process led by Patrick Cescau and endorsed by all members of the Board.
"It has been an honour and a pleasure to have worked with the Tesco team for so many exciting and fruitful years, first as an Executive Director for 18 years and since 2004 as Chairman."
Speaking of his appointment Sir Richard had this to say:
"I am delighted to be joining the Board of an innovative and growing global business. I look forward to working with a great team and playing my part in helping guide Tesco to further success in the future."