Dive Brief:
- Tesco's CEO Philip Clarke announced he is stepping down Oct. 1 from the top job at England's biggest grocer. News of the departure came as the company warned that sales and profit for the first half would be lower than forecasts.
- Clarke has struggled during his three years at the helm, as the grocer has repeatedly warned on profit as discounters Aldi and Lidl have gained market share.
- Tesco announced that Dave Lewis, who runs Unilever's personal-care business, will take over as chief executive officer.
Dive Insight:
The British grocery sector is facing extraordinary challenges. As we've noted before, American retailers would do well to heed the lessons of the grocer sector in England.
Lewis, meanwhile, may be best off heeding the lessons of his own career. He's probably best known for his work reviving the lagging Dove soap brand with the "Real Beauty" ad campaign. If he can come up with something similar to get shoppers to fall in love with Tesco again, he'll be remembered as one of the greatest turnaround artists of all time.