Tesco is set to begin its search for a new chairman to take over from John Allan as he prepares to step down from the role next year.
The Big 4 grocer‘s hunt will be led internally via non-executive director Byron Grote, while Tesco is also looking to appoint an external headhunter to aid the process taking place in early 2024, Sky News reported.
Allan’s departure from the position comes as a result of UK corporate governance rules, under which he is not able to serve as an independent chairman from next year, having “served on the board for more than nine years”.
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Initially appointed to the board in 2015, Allan was appointed chairman at the UK’s leading retailer following an accounting scandal in 2014 which saw Tesco accused of inflating its profits by £250 million.
During his long-standing role, Allan has since helped to both stabilise and grow Tesco, which as of 4 September held a grocery market share of 26.9%, continuing its reign as the UK’s largest supermarket.
The preparation for his departure and the search for a new chairman comes amid rising inflation levels.
In September, Allan warned that Tesco will “have to pass higher supply prices on to customers”, speaking to Kate McCann on Times Radio.
However, he added “we see our mission in this crisis to do everything we can to help our shoppers navigate their way through inflation.”
