It’s more than 30 years since Tesco chief executive Sir Terry Leahy joined the UK retail giant – and longer still since he scrubbed floors at its Wandsworth store in his school holidays.
Now, on the day that he announced his long-anticipated retirement in March next year, just-food looks back at the career of a man described by his chairman as “one of the leading businessmen of his generation”.
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1979: Terry Leahy joins Tesco as a marketing executive, having originally been passed over for in favour of a stronger candidate. Meanwhile, Tesco’s annual sales pass GBP1bn for the first time.
1982: Tesco revenues pass GBP2bn for the year.
1992: Leahy is appointed to the Tesco board as reward for his progressive, expansionist philosophy. The classic “Every Little Helps” slogan is launched, along with the company’s Computers for Schools initiative.
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1994: The first Tesco Express opens
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By GlobalData1995: Tesco becomes the UK’s biggest retailer, and launches its Clubcard loyalty reward scheme.
1997: Terry Leahy becomes CEO on the retirement of his mentor, Lord MacLaurin. The choice reflects MacLaurin’s desire to find a successor to lead the company’s international expansion and aggressive targeting of increased market share.
1997 onwards: True to his word, Leahy directs Tesco’s overseas expansion, entering Ireland, Taiwan, Thailand, South Korea, Malaysia, Turkey, Japan and China over the next seven years.
2000: Tesco.com is launched
2001: Tesco becomes the leading organic retailer in the UK
2002: Becomes Sir Terry Leahy on the award of a knighthood, and also gains the freedom of the city of Liverpool, his birthplace.
2004: Tesco enters China
2005: Annual profits reach GBP2bn for the first time, prompting a backlash. Sir Terry stoutly defends Tesco against accusations that it has become “too big”.
2007: Tesco opens Fresh & Easy in the United States
2008: Tesco aquires 36 hypermarkets in South Korea from Homever
April 2010: Underlying pre-tax profits reach GBP3.34bn.
8 June 2010: Sir Terry announces his retirement from next March, to be replaced by fellow company veteran Philip Clarke.
The future: Analysts are notoriously uneasy about boardroom changes at successful companies but Clarke’s appointment has so far been met with cautious optimism.
Retail experts point to his strong international experience – he currently runs Tesco’s international operations in Asia and Europe – and lengthy stint with the company, minimising the risk of sudden strategic change.
Another positive is the clear communication of the company’s succession plan and timeframe – but many will still wait with bated breath to hear Clarke’s strategic vision for the future of one of the greatest retail success stories of the last 25 years.
