Tesco names chairman Broadbent’s successor

By Rod Addy

- Last updated on GMT

Tesco said Allan will take over on March 1
Tesco said Allan will take over on March 1

Related tags Board of directors

Tesco has appointed John Allan as chairman, replacing Richard Broadbent, who announced his departure in October last year.

Allan, non-executive chairman of Dixons Retail and Barratt Developments, will assume the role on March 1, 2015. Broadbent will step down from the board on the same date. 

The announcement came as a shock to some, as media reports suggested former Asda boss Archie Norman had been the favourite for the post.

“I am delighted that John has agreed to join us and take on the role of chairman of the board,”​ said Broadbent in a statement released on February 17. “I am sure that his wide expertise, his experience and his personal qualities will contribute greatly to the future of the group.”

Patrick Cescau, senior independent director at Tesco, added: “Following a deep and thorough process run by a committee of independent non-executive directors, the board unanimously agreed that John Allan was the right candidate to chair Tesco at this important time.

‘Unflinching commitment’

“On behalf of the board I would like to thank Richard for his work as chairman. He has served the business with unflinching commitment through a period of unprecedented change, and put in place a new senior leadership team for the next stage of Tesco’s development.”

Allan said: “I'm very pleased to be taking on this role at such a critical moment for the business and look forward to working with the new executive team and the Board.”

Broadbent announced his planned resignation​ as the UK’s top supermarket revealed it had overstated first half profits by £263M and posted pre-tax profits more than 90% down on 2013 half-year figures.

At the time, he said the financial accounting errors that had come to light were “a matter of profound regret”​.

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