Published: 31 Jul 2013
Last Updated: 24 Mar 2016
Tesco chief executive Philip Clarke isn’t the most popular man among shareholders: since he took over in March 2011, share prices have dropped from £4.10 to £3.66, via a series of profit warnings, the horsemeat scandal and the retailer’s failure to conquer the US market.
But it seems Clarke has come up with a turnaround strategy: today, Retail Week published details of Clarke’s plans. It’s bad news for senior leadership at the retailer: Clarke is apparently planning to make 50 senior and mid-level management redundant, particularly at its Cheshunt headquarters and at its offices in Welwyn Garden City.
According to Retail Week, the staff under threat are at management levels three, four and five – ie. just below board level. Those already departing are Tesco Clubcard managing director Ian Crook and Tesco Mobile chief exec Roger Fogg.
Retail Week said it had spoken to sources who had indicated job cuts could run into the hundreds – although Tesco had insisted it wouldn’t go that far.
Tesco didn’t respond to calls from MT.
But it seems Clarke has come up with a turnaround strategy: today, Retail Week published details of Clarke’s plans. It’s bad news for senior leadership at the retailer: Clarke is apparently planning to make 50 senior and mid-level management redundant, particularly at its Cheshunt headquarters and at its offices in Welwyn Garden City.
According to Retail Week, the staff under threat are at management levels three, four and five – ie. just below board level. Those already departing are Tesco Clubcard managing director Ian Crook and Tesco Mobile chief exec Roger Fogg.
Retail Week said it had spoken to sources who had indicated job cuts could run into the hundreds – although Tesco had insisted it wouldn’t go that far.
Tesco didn’t respond to calls from MT.
