Tesco boss Jason Tarry has been identified as a possible replacement for Morrisons CEO David Potts, City sources have claimed.
According to This is Money, Tarry, who has held the position of Tesco UK & ROI CEO since 2018, is one of the names headhunters Egon Zehnder have been singled out for the position.
The parent company of Morrisons, Clayton Dubilier & Rice (CD&R) also appointed the global management and consulting firm to find a replacement for COO Trevor Strain, who left the ex-Big 4 grocer last year.
One source claims, an announcement on Potts’ replacement could be “imminent”, however the length of executive contracts means it could possibly take up to a year for the position to be installed.
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Morrisons kicked off its search for its new CEO last month after Potts announced he will step down in about two years.
Tarry became CEO for Tesco’s clothing in 2012, before being appointed as chief product officer in 2015.
He has also previously worked with Potts, and is a former colleague of Morrisons chairman Sir Terry Leahy, who ran Tesco until 2011.
The news comes as the supermarket giant was the only major player except Waitrose to see sales drop in the last three months.
The grocer reported a 15% drop in full-year profits to £828m for the 52 weeks ending October 30, 2022.
2 Comments. Leave new
Is Tesco the training ground for CEO’s of Morrisons or is it that Tesco’s director’s are good at their job?
Leslie Clive Bedford, Mr Potts being good at his job is up for discussion.