Tesco's Fresh & Easy CEO and chief marketing officer Tim Mason leaves

Tim Mason, Fresh & Easy CEO

Tesco has announced that the CEO of its US business Fresh & Easy and former chief marketing officer Tim Mason is to depart, with the division to undergo 'a strategic review'.

Mason, which has been under pressure to make a success of the loss making US business, will leave after 30 years with the company.

Tesco has admitted that it does not expect to see "acceptable returns" from Fresh & Easy for its shareholders in its current form, and has appointed investment banking firm Greenhill & Co to aid its review.

Philip Clarke, CEO of Tesco, said in a statement: "I have been clear since my appointment as CEO was announced that my role is to deliver long-term value for shareholders. Following a year in which my priority for Fresh & Easy was to improve its performance, I have now made a fully-informed assessment of its longer term potential.

"Whilst the business has many positives, its journey to scale and acceptable returns will take too long relative to other opportunities. I have therefore decided to conduct a strategic review of Fresh & Easy, with all options under consideration."

He concluded by revealing that Mason would leave immediately.

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Stephen Lepitak

Stephen Lepitak is editor of The Drum, with responsibility for overseeing the day-to-day running of the content produced for the various platforms run by the publication. Over the years he has interviewed agency network bosses such as Sir Martin Sorrell, Maurice Lévy and Arthur Sadoun, as well as Cindy Gallop, Kim Kardashian, film directors James Cameron, Spike Jonze and producers Harvey Weinstein and Lord David Puttnam. With a keen interest in media and breaking news, Lepitak has been with The Drum since 2005 and is based across its UK, US and Asia operations.

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