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Sir Terry Leahy quits Tesco

Published:  08 June, 2010

Tesco's chief executive, Sir Terry Leahy has made a surprise announcement to step down from his position in 2011.

Leahy, who has headed-up Tesco for the past 14-years taking it from being the U.K's second-biggest supermarket operator to the largest trading with over 30% market share, will retire next March.

Philip Clarke, who joined Tesco's board in 1998 will become his replacement.

Clarke is currently responsible for the company's international businesses in Asia and Europe, plus IT operations.

Leahy joined Tesco as a marketing executive graduate trainee in 1979, by the age of 35 he was sitting on the board, in 1997 he was made chief executive.