John Allan will take up the role with Tesco from 1 March

John Allan will take up the role with Tesco from 1 March

UK retail giant Tesco has appointed John Allan, chairman of the housebuilder Barratt Developments, as its new chairman.

Allan takes up the role vacated by Richard Broadbent, who stepped down in October last year following the accounting error that has resulted in a 92% decline in first-half profit for the troubled retail group. He will take up the role from 1 March, at which time Broadbent will step down from the board.

Patrick Cescau, senior independent director, said of the appointment: “Following a deep and thorough process run by a committee of independent non-executive directors, the board unanimously agreed that John Allan was the right candidate to chair Tesco at this important time.”

ShoreCap analyst Clive Black, noted: "With another box ticked off the company's lengthy 'to do' list, Tesco continues to make steps forward with its recovery, although how many more baked beans and loaves a new chair will add to the tills is a debatable matter."