That’s the operation that is currently hemorrhaging cash, FYI.
Indeed, this Wednesday Leahy’s successor Philip Clarke is expected to confirm that he is pulling Tesco out of the US business completely. This means that Tesco will fail to hit the targets in the US required for Sir Terry’s shares to vest.
Poor old Terry.
Still, it’s a far more painful situation for Tesco itself. The cost of exiting the US business will lead to a writedown of an estimated £1bn. That on top of a slowdown in sales in the UK and disruption to the company's biggest international business in South Korea, where trading hours for supermarkets are being restricted.
As a result, Tesco is expected to post its first decline in annual profit for 20 years.
Poor old Tesco.