THE boss of supermarket giant Tesco has announced he is stepping down as the head of the retailer.
Dave Lewis said the move was a “personal one” which took the City by surprise. Here’s what you need to know.
Who is Dave Lewis?
David John Lewis, 54, was born in Yorkshire in March 1965 and gained a BA in Business Studies at what was Trent Polytechnic in 1987.
In 2002 he completed a six-week Advanced Management Programme at Harvard Business School.
Before joining Tesco in 2014 he had worked for Unilever for 27 years, rising to be president of global personal care.
He is largely cited as being responsible for the launch of the Dove range of toiletries which in one of the company’s biggest brands.
Lewis announced he was leaving Unilever in August 2014 to become the chief executive of Tesco, taking over from Philip Clarke.
Lewis has two daughters from his first marriage but is now married to Helena and they live in Richmond, London.
In past interviews he has revealed he is a keen runner and took part in the London Marathon in 2008.
His other hobbies include photography, cooking, and playing golf and racket sports.
What is Dave Lewis’ net worth?
When Lewis started work for Tesco in September 2014 his basic annual salary was said to be £1.25million.
His total annual financial package for the financial year 2017, as reported in May 2018, was £4.9 million, according to The Grocer.
His annual bonus was £2.3m, as part of that package.
Why is he stepping down?
Lewis said his decision was a “personal one” with his resignation being accepted by Tesco chairman John Allan with “regret”.
He said: “I believe the tenure of a chief executive should be a finite one and that now is the right time to pass the the baton. The turnaround is complete, we have delivered all the metrics we set ourselves.”
Lewis is due to step down “in the summer of 2020”.
The move was announced as the retailer announced a 6.7 per cent rise in first-half profits to £494m.
Bernstein analyst Bruno Monteyne told BBC Radio 4’s Today programme his departure had been “a total surprise”.
Analysts at Shore Capital said Mr Lewis was “quite simply he is the bloke that saved Tesco”.