New Tesco boss isn’t the obvious choice for chief executive | Nils Pratley

It’s a surprise that supermarket group did not recruit internally after Dave Lewis jumped

If you want to wind up Dave Lewis, point to Tesco’s share price. It was 230p when he arrived in September 2014 and, after five years of effort that have prompted the chief executive to want to “recharge my batteries”, it has reached only 240p. All that struggle to go sideways?

Lewis resents the share price comparison as much as he dislikes his “Drastic Dave” label and, actually, he has a point. The full horror of Tesco’s accounting scandal hadn’t emerged when he walked into Tesco HQ, so, as he suggests, 170p, seen a few weeks later, is probably a fairer starting point. In lean times in supermarket-land, Tesco investors have done OK. Lewis hit all his cost-saving and cash-generation targets, which is what he was paid to do.

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