The chief executive of UK operations at Tesco, the second largest supermarket chain in Europe, has stepped down after dismal Christmas sales.The FT reports that Richard Brasher’s resignation is due to be announced tomorrow morning. Philip Clarke, group chief executive, will take over UK operations.
Sales over the Christmas period were down 2% year on year, and left stock 14% down, and aggressive price-lowering tactics appear to have failed to make a dent on the decline.
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