New Tesco boss’s start date delayed until October
The start date of Tesco’s new boss Ken Murphy has been pushed back as he is forced to see out a non-compete agreement.
The supermarket giant announced in October last year that chief executive Dave Lewis will step down this summer, and will be succeeded by Walgreens Boots Alliance veteran Murphy.
However, the grocer said today that Murphy will be unable to start until 1 October – a year after his appointment was announced.
The delay is due to contractual commitments, including a non-compete clause, with Walgreens Boots Alliance.
Lewis, who said he was stepping down for personal reasons following the successful turn around of the business, has agreed to stay in the top job until 30 September to “facilitate a smooth and seamless handover”.
The start date means Murphy will join the company just a week before it is due to publish its half year results for 2020/21.
The announcement that Murphy would take over from Lewis was met with surprise in the City, as the incoming boss has a relatively low profile.
Murphy began his career at Unichem, which eventually became part of Boots and then US group Walgreens Boots Alliance.
He then climbed the ranks to become Boots chief operating officer before he was appointed chief commercial officer and president of global brands at Walgreens Boots Alliance – a position he held until January last year.
According to October’s announcement he will receive a basic salary of £1.35m per year, with pension contributions of 7.5 per cent of basic salary.