By Daniel Hunter

Richard Brasher, the boss of Tesco, has announced he is stepping down from his role after just one year in the position.

The recent months have brought bad news, with a profit warning in January following on from poor festive sales and a fall in market share.

The supermarket chain's group chief executive, Philip Clarke, will take on responsibility for the UK business.

“I have decided to assume responsibility as the CEO of our UK business at this very important time," Philip Clarke said.

"This greater focus will allow me to oversee the improvements that are so important for customers. I completely understand why Richard has decided to leave and want to thank him for the great contribution he has made over many years. The depth of management at Tesco and the strong leadership team across the Group allow me to take a more active role in the UK whilst our other businesses continue to grow.

“Richard has been an architect of our successful format strategy; a true innovator with both Clubcard and the dunnhumby partnership; and over the last ten years has led the transformation of our non-food business and the creation of International Sourcing.

“He will leave behind a UK business which has very strong plans for improvement, and over the last two months these plans are beginning to show progress, in line with our expectations. I am more determined than ever that these improvements in the UK will result in a better Tesco and an even better shopping trip for customers.”

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