Tesco raises profit forecast and names Booker's Wilson its United Kingdom boss

Tesco raises profit forecast and names Booker's Wilson its United Kingdom boss

Tesco raises profit forecast and names Booker's Wilson its United Kingdom boss

Tesco has more than 3,000 stores across the United Kingdom, while Londis and Budgens owner Booker is the country's largest wholesaler.

Tesco is buying Booker in the boldest move yet by its Chief Executive Dave Lewis, who took over in 2014, providing the supermarket group with access to the faster growing catering segment of Britain's 195 billion pound food market.

Tesco said Booker Group chief Charles Wilson would become boss of its United Kingdom and Ireland retail and wholesale operations, once it has completed its takeover of the wholesaling giant.

Tesco said in a statement this morning that it expects the merger to be completed on 5 March.

The 50 year-old retail veteran will replace current chief executive Matt Davies who has been at the helm for three years and will leave the group at the end of April.

"Charles brings substantial commercial and retail experience and has an exceptional track record of increasing performance and driving growth in customer-focused businesses", said Lewis.

Named the 2017 Sunday Times Business Person of the Year, Wilson is credited with pulling Booker back from the brink when he took over the top job at the loss-making company, having previously held roles at Procter & Gamble, Arcadia and Marks & Spencer.

In 1998 he became an executive director at Booker before taking the top job in 2005.

According to Reuters, Wilson will earn a base salary of £575k plus a 200% annual bonus and an annual performance share plan award of 225%.

The Tesco group chief executive, Dave Lewis, said Wilson was "ideally suited" to lead the United Kingdom and Ireland business in the next phase of Tesco's turnaround.

The plans for a merger between Tesco and Booker was heavily criticised by rival wholesalers who claimed that Booker benefit from improved supplier terms, making it hard for rivals to compete.

It is expected to announce a £1.57bn profit for the financial year to February 24.

Latest News