Supermarket giant Tesco has said its chief executive Dave Lewis will step down after five years next summer.
Announcing its interim results, the grocer - Britain's largest - said Lewis, who launched rival discounter Jack's last year, will be replaced in 2020, stating "our turnaround is complete".
In the UK, whilst overall grocery market growth remains subdued, the supermarket said it saw a 0.4% increase in fresh food sales in the past quarter, while new ‘Exclusively at Tesco’ lines in 550 stores also gave revenues a boost.
Lewis said he had completed the turnaround plan he set in train following the company’s 2014 accounting scandal and would leave the company in a “position of strength”.
However, his departure is expected to come with a string of store changes, including thousands of potential job cuts.
“Despite challenging external conditions we have delivered a very good start to the year. I’m very pleased to say that we have now delivered every element of the turnaround plan and from this position of strength, the transformation of our business continues at pace," Lewis, who formerly also ran Unilever, said.
"The Capital Markets Day in June laid out many opportunities for further, profitable growth and I’m delighted to share today the plans to step up our store opening programme, to increase our online capacity, the introduction of Clubcard Plus in the UK and the acquisition of Best Food Logistics as the next step in our Booker growth strategy.
"With the turnaround complete and as we begin to implement the next steps of our sustainable growth strategy, now is the right time to plan a smooth and orderly succession. As such, I will step down as Group CEO next summer and pass the baton to Ken Murphy.”
The grocer said it now plans to open 150 more Express stores over the next three years - and four new superstores in the UK Ireland.
This transformation will also include 'repurposing' in 153 Metro stores - with complete new counters in 692 stores next year.
By February 2020, three more Jack’s stores will also open in the UK.
It also spoke of plans to introduce a new Clubcard Plus by the end of 2019.
