Home Business NewsBusiness Everything you need to know about Tesco’s new chairman, in one minute

Everything you need to know about Tesco’s new chairman, in one minute

by LLB Reporter
18th Feb 15 11:44 am

What he’ll earn, where he’s come from and what people think of him

 

>> His name is John Allan (that’s him, pictured above, a few years ago)

>> He’ll join Tesco on 1 March

>> He’ll be on a salary of £650,000 (fixed for three years)

>> He’s the deputy chair of Dixons Carphone and the chair of Barratt Developments at the moment

>> That’s a pretty nice blend of retail, digital, consumer electronics and property – all relevant for Tesco

>> But there’s some surprise and disquiet that Allan has pipped Archie Norman to the post. Norman, ITV chairman and Asda turnaround star, was tipped by the City to take the chairmanship and was backed by some big shareholders

>> Allan’s main food retail experience comes from 30 years ago, as retail director for marketing, buying and retail operations at Associated British Food’s Fine Fare (no longer in existence)

>> Not having bang-up-to-date food retail experience is part of the reason some commentators are critical

>> But Patrick Cescau, the senior independent director at Tesco who led the search for the new chairman, said Allan is “the right candidate to chair Tesco at this important time”

>> After Fine Fare, Allan went on to be CEO of Ocean Group. That became Excel and was later acquired by Deutsche Post, where he became chief financial officer, based in Germany

>> After that, he led the turnaround of Dixons in the UK, ending up as deputy chair (now)

>> Allan is 65

>> Allan replaces Sir Richard Broadbent, who left Tesco in the wake of the £263m accounting scandal

>> Here’s what Allan had to say about being appointed: “I’m very pleased to be taking on this role at such a critical moment for the business”

That’s your need-to-know. One minute well spent? Let me know @sophiehobson

 

 

More on Tesco’s troubles…

 

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