Tesco has started its search for the successor of current long-serving chairman, John Allan, as he plans to step down next year.
According to reporting by Sky News, the leading retailer is working with headhunters to find potential candidates, with several heavyweight boardroom figures approached for the role in recent weeks.
The search is being led internally by former BP finance chair, Byron Grote who will also be stepping down from Tesco’s board this year.
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The hunt for a successor was initally announced in December, when Tesco said it would also be looking to appoint an external headhunter to aid the process taking place in early 2024.
By the time of his departure, Allan will have been Tesco’s chairman for almost 10 years.
The move comes as a result of UK corporate governance rules, under which he is not able to serve as an independent chairman from next year.
Initially appointed to Tesco’s board in 2015, previously he has sat as chairman of Dixons Stores Group, which is now known as Currys, as well as on the board of 3i Group, Royal Mail and Worldpay.
Recently, Allan came under fire for saying that some food producers could be hiking food prices “unfairly”, with it being “entirely possible” that they are taking advantage of the poorest.
He added that Tesco is trying “very hard” to challange price rises that it thinks are illegitimate as food prices rose to a record rate in January, with inflation at 13.3%, which has continued to rise to 17.1%.
However, according to reporting by the BBC, the Food & Drink Federation called Allan’s comments “difficult” and said the suppliers it represents have seen a “massive” rise in their costs.
