Grocery giant Tesco’s new boss has his work cut out to catch up with Ocado
CEO Ken Murphy has to narrow stock-market discount to online-only grocer that licenses technology
Ken Murphy, new CEO of Tesco, finds Britain’s biggest grocer in much better shape than his predecessor did when he took charge. It prospered during the pandemic, helped by its big out-of-town stores and ability to ramp up online capacity much faster than its more fashionable internet competitor Ocado Group.
Taking the helm of a company in relatively decent health brings its own challenges. When Dave Lewis became CEO six years ago, he faced the worst crisis in Tesco’s 101-year history after an accounting black hole created a £250m profit shortfall. But it was obvious what he needed to do: right the ship, strengthen the balance sheet and fight the mounting threat of German discounters Aldi and Lidl...
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