Tesco PLC (LON:TSCO) announced today that upon completion of the merger with Booker Group plc (expected to be 5 March 2018), Charles Wilson will be appointed as CEO of Tesco’s retail and wholesale operations in the UK & ROI. Matt Davies will continue as CEO of UK & ROI until completion, when he will step down and after supporting a handover, will leave the Group at the end of April 2018.
Dave Lewis said: “I am delighted Charles will be joining the Tesco Board and Executive Committee. He brings substantial commercial and retail experience and has an exceptional track record of increasing performance and driving growth in customer-focused businesses. Charles is ideally suited to lead the UK & ROI business for the combined group in the next phase of our turnaround.
I would also like to thank Matt for his outstanding contribution to Tesco over the last three years. His values based leadership and invaluable support have been instrumental to the significant progress we have made in the transformation of the UK & ROI business. I wish him well for the future.”
It then went on to say to it was to publish documents relating to proposed merger with Booker, including profit forecast and final dividend intention
· Circular and prospectus to be published later today, following UKLA approval
· Includes profit forecast of at least £1.575bn for financial year to 24 February 2018
· Intention to propose final dividend of 2.0p per share
· Charles Wilson to be appointed as CEO of Tesco’s retail and wholesale operations in the UK and ROI
Later today, conditional upon approval from the UK Listing Authority (UKLA), Tesco plc will publish a circular and a prospectus containing information on the background and reasons for its proposed merger with Booker Group plc (“Booker”).
Within the circular, Tesco will confirm that since the 3Q and Christmas Trading Update released on 11 January 2018, the Group’s trading performance has been in line with management’s expectations and that it expects to deliver at least £1.575 billion Group operating profit before exceptional items in respect of the financial year ending 24 February 2018.
This statement constitutes a profit forecast for the purposes of Rule 28 of the Code. This profit forecast, the assumptions on which it is based, and the reports from Deloitte (reporting accountant), Greenhill (lead financial adviser), Barclays (sponsor, financial adviser and corporate broker) and Citi (financial adviser and corporate broker) are set out at the Annex to this Announcement.
Tesco is also pleased to confirm that a final dividend of 2.0 pence per Tesco Share in respect of the financial year ending 24 February 2018 is expected to be proposed for shareholder approval at the 2018 Tesco Annual General Meeting.