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Tesco CEO announces retirement plans

Sir Terry Leahy has announced that he will retire as CEO of Tesco in March 2011, after having served 14 years in that position.

David Reid, chairman, said, "Terry has made an unrivalled contribution over a prolonged period. He is undoubtedly one of the leading businessmen of his generation. He has put in place a strategy which can secure the progress of Tesco for years to come."

Tesco said Philip Clarke will succeed Leahy.

Clarke joined the Tesco Board in 1998 and currently has responsibility for the group's growing international operations in Asia and Europe as well as group IT.