Britain's biggest retailer Tesco said Wednesday that CEO Dave Lewis will step down next year, and will be replaced by Walgreens Boots Alliance executive Ken Murphy.
Lewis, who has overseen a radical overhaul of Tesco since his appointment in 2014, added that the group's turnaround was "complete" and he desired to move onto new challenges.
"My decision to step down as group CEO is a personal one," he said in a group statement issued alongside first-half earnings.
"I believe that the tenure of the CEO should be a finite one and that now is the right time to pass the baton.
"Our turnaround is complete, we have delivered all the metrics we set for ourselves. The leadership team is very strong, our strategy is clear and it is delivering."
"Some time ago, however, he indicated to me that he was considering the best time to hand over to a successor."
"I firmly believe we have the right person for the job."
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