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ITV chairman enters race for Tesco top role

ITV chair and former Asda boss Archie Norman has entered the running to become Tesco’s next chairman according to reports.

Also a former Tory MP, Norman is said to be in "active talks" with the retailer, Sky News reports, as it looks to turnaround a turbulent year, which has seen current Tesco boss Sir Richard Broadbent indicate his departure after it emerged the grocer had overstated profits by £263m because of its inaccurate booking of revenue from suppliers.

Norman, who currently chairs the London operation of the investment bank Lazard, Hobbycraft, and serves as a director of Target and Coles in Australia, joins John Allan, the former chairman of Dixons Retail, who also remains in talks with Tesco's board about the role. 

Last month the grocer sold Blinkbox and Tesco Broadband to TalkTalk for an estimated £25m as part of an effort to deliver savings of £250m per year following the profit overstatement. 

Days later Tesco announced that it would be “exploring strategic options” for Dunnhumby, the grocers data arm which supports the Tesco Clubcard loyalty scheme.

 

Source: Sky News

Featured by The Drum

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