Tesco said today (11 May) that Barclays chairman Sir Richard Broadbent will become the UK retailer’s chairman in November.
Broadbent will replace current Tesco chairman David Reid, who is retiring from the company after 25 years with the business.
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In a statement to the London stock exchange, Broadbent, who will join the Tesco board in July ahead of his formal appointment as chairman, said he was “delighted to be joining the board of an innovative and growing global business”.
Reid said it had been “an honour and a pleasure” to have worked at Tesco “for so many exciting and fruitful years”. Reid joined Tesco in 1986 as an executive director and became chairman in 2004.
