Sir Richard Broadbent to chair Tesco
Tesco has appointed Sir Richard Broadbent as its next chairman. He will replace current chairman David Reid who is retiring.
The supermarket giant said that Sir Richard will join the Board of Tesco Plc as a non-executive director on 2 July 2011 and will become chairman on 30 November 2011. He is currently deputy chairman at Barclays and was also chairman of transport company Arriva until it was taken over by German rail group Deutsche Bahn last year. Prior to the announcement, Sir Richard had been widely tipped to take over from Lord Sharman as chairman of the insurance company Aviva next year.
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.”
David Reid, who has been chairman since 2004, 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.”
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.”
