Monday, 24 September, 2018

Booker Chief Wilson To Head Up Tesco UK & Ireland

Tesco and Booker merger Tesco and Booker merger
Nellie Chapman | 05 February, 2018, 14:09

The executive shuffle was disclosed as Tesco prepares to complete its acquisition of Booker, which United Kingdom regulators cleared in December.

The highly regarded Booker boss will become chief executive of Tesco's United Kingdom and Ireland retail and wholesale operations, replacing Matt Davies who is leaving the group at the end of April.

Within the circular, Tesco will also confirm that since its Christmas trading update on 11 January it continue to trade in line with expectations.

Tesco's purchase of Booker is the boldest move yet by its Chief Executive Dave Lewis, who took over in 2014, providing the supermarket group with access to the faster growing catering segment of Britain's 195 billion pound food market.

Wilson's appointment, although not a surprise, puts the 52-year-old in pole position to eventually take over from Lewis, analysts said.

Wilson has been CEO at Booker since 2005 and has been praised for turning Booker's fortunes around and generating steady year-on-year growth.

I would also like to thank Matt for his outstanding contribution to Tesco over the last three years.

Wilson will receive a base salary of £575,000 per year and an annual bonus opportunity of up 200 per cent of that sum, as well as an annual performance share plan opportunity of up to 225 per cent of his pay.

Tesco's share price has slipped marginally into the red in today's session, having given up 0.36 percent to 201.48p as of 08:33 GMT.

Tesco has stated it will appoint Booker chief executive Charles Wilson as the new CEO of its UK & Ireland retail arm after the retailer's £3.7 billion acquisition of Booker is completed.

Meanwhile, Tesco expects to generate an operating profit of £1.57 billion for the year ending 24 February.

Tesco said it meant to pay a final dividend of 2.0 pence per share for the year, having announced an interim dividend of 1 pence in October.