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