Blog: Petah MarianClarke's entry suggests era of openness at Tesco

Petah Marian | 19 April 2011

Tesco's new CEO Philip Clarke stood up today (19 April) and said that the retailer's UK operations "can do better" and that the company is "taking action in key areas" to improve the business.

The refreshing levels of frankness were part of what Clarke described as his plans to become "more open and engaged" as CEO of the world's third-largest retailer.

Speaking as Tesco announced its annual results, Clarke said he was not planning a major shift in the retailer's strategy but insisted that he has listened to stakeholders and would be more willing to discuss "what's not so good, as well as the many good things".

One of the not so good things he was willing to discuss was its widening losses in the US, saying that it is "essential" that these losses narrow this year. Howver, he remains confident that the division will book a profit at the end of the 2012/13 financial year.

Meanwhile, the retailer's results were greeted a mixed response from the City, with analysts suggesting they were "below expectations". Shares in the retailer also fell today by 1.61% to 393.55p a share.

He promised to bring a renewed focus, energy and intensity to the business, and his drive means the retailer is only going to become a more fierce competitor in the coming years.

Also, as part of the retailer's plans to become more open, Clarke has joined Twitter and you can follow him here: @clarkepatestesco.

 



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