Tesco has drafted in City heavyweight Gerry Murphy as its next chair to replace John Allan, who stepped down this year amid misconduct allegations.
Murphy, who chairs luxury brand Burberry and food group Tate & Lyle, will join the UK’s largest supermarket in September. Part of his mandate will be to help steer the grocer through claims of profiteering levelled at the supermarket industry during a cost of living crisis.
His appointment comes after the departure of Allan in May, which he called premature, following allegations of inappropriate behaviour towards women. Tesco was already looking for his successor as his tenure was set to end soon.
Read the full story on the Financial Times here.