Tesco announces new chairman

11 May 2011

Tesco Plc announces that Sir Richard Broadbent will become Chairman when the current Chairman, David Reid, retires in November 2011.

Tesco Plc announces that Sir Richard Broadbent will become Chairman when the current Chairman, David Reid, retires in November 2011.

Sir Richard, who is currently Deputy Chairman at Barclays plc, will join the Board of Tesco Plc as a Non-executive Director with effect from 2 July 2011 and will become Chairman on 30 November 2011.

David Reid said:

"I am very pleased that Richard will be joining our Board and then succeeding me as Chairman later in the year. I am sure that with his wide expertise, his board experience and his personal qualities he will contribute greatly to the future growth of the Group. Good management succession is very important to Tesco and this appointment is the result of a thorough process led by Patrick Cescau and endorsed by all members of the Board."

"It has been an honour and a pleasure to have worked with the Tesco team for so many exciting and fruitful years, first as an Executive Director for 18 years and since 2004 as Chairman."

Sir Richard said:

"I am delighted to be joining the Board of an innovative and growing global business. I look forward to working with a great team and playing my part in helping guide Tesco to further success in the future."

Patrick Cescau, Senior Independent Director, said:

"I would like to welcome Richard to Tesco and thank David for his immense contribution to our success over 25 years, both as an Executive Director and as Chairman. His wise counsel and great experience will be missed. We wish him every success in the future."

ENDS

For further information:

Lucy Neville-Rolfe Tesco Plc 01992 632222
Steve Webb Tesco Plc 01992 632222
Angus Maitland Maitland 020 73795151

 

Notes to Editors

1. Sir Richard Broadbent

Sir Richard Broadbent, 58, is currently Deputy Chairman and Senior Independent Director of Barclays plc. He will step down from the Board of Barclays on becoming Chairman of Tesco.

He started his career at HM Treasury before joining Schroders in 1986. He was appointed head of their European corporate finance business in 1995 and in 1998 joined the Group's Executive Committee.

Sir Richard was Executive Chairman of HM Customs and Excise between 2000 and 2003.

He was appointed to the Board of Barclays plc in September 2003, becoming Senior Independent Director in September 2004. He chaired the Bank's Risk Committee from 2006 to 2010 and has chaired the Remuneration Committee since 2007. He was appointed Deputy Chairman in 2010. Sir Richard is also a director of Barclays Bank plc.

Sir Richard joined the Board of Arriva plc, the transport services group, in July 2004 and became Non-executive Chairman in November 2004. He stepped down from the Board in 2010 on the sale of the business to Deutschebahn.

He is a trustee of the Relate charity. His interests include communication, outdoor pursuits, cooking and writing.

Sir Richard was born in 1953 and lives in London with his wife Jill. He was knighted in 2003.

2. David Reid

David Reid, 64, joined the Board of Tesco Plc in 1985. After the end of a successful career as a Tesco executive, he became Chairman in March 2004.

He was Finance Director from 1985 to 1997, when he led finance, distribution and IT. From 1996 to 2003 he was Executive Deputy Chairman responsible for international operations, business development and strategic planning, leading the start up and development of the Group's business in Central Europe, lreland and Asia.

David is Senior Non-executive Director of Reed Elsevier Group plc and Chairman of Kwik-Fit group.

David has held a number of charitable and public roles including the Presidency of the Institute of Grocery Distribution and of the Royal Highland Show. He is currently Chairman of the Whizz-Kidz charity and a strategic adviser to Restless Development (previously Students Partnership Worldwide (SPW)) and a member of the Africa Progress Panel and the FTSE 100 Mentoring Panel for women. He is Chairman of the Seoul International Business Advisory Council and in November 2010 was appointed one of Prime Minister David Cameron's Business Ambassadors.

David was born in Zambia, is a Scottish Chartered Accountant and holds honorary degrees at Aberdeen and Robert Gordon Universities. He lives in Essex with his wife Prue.

3.Other information

There is no other information required to be disclosed pursuant to LR 9.6.13R in respect of Sir Richard Broadbent.