UK: Tesco Europe head to "retire"
UK retail giant Tesco has suggested it is on the lookout for a successor to its European head Gordon Fryett amid reports he is to retire.
Fryett, who was appointed into the role last December, is reported to be retiring in around a year's time, according to The Financial Times.
A spokesperson for Tesco said in response to the reports that early succession planning is "part of good business management".
"Whenever we recruit for senior leadership roles, it is good practice to benchmark internal talent against the external market."
Tesco reported a 6.8% fall in European first-half sales earlier this month, while clothing returned to growth thanks to "further investment in both price and quality".
Clothing has provided a silver lining to Tesco's full year results, contributing like-for-like growth as the supermarket operator recorded its first drop in annual profits for almost two decades....
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