5 December 2012 - 7:20am | posted by | 0 comments

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

Tim Mason, Fresh & Easy CEOTim 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.

Be the first to comment on this article: sign in or register.

Latest Projects from the Profile Hub

Cotswolds Distillery Inaugural Release

23/10/2014
The first ever Cotswolds Dry Gin from the first 10 runs at...

Jurlique's #AgelessBeauties Twitter Party Increases Sales!

22/10/2014
To celebrate Jurlique’s latest product range launch; Nutri-...

EMCAS

22/10/2014
OVERVIEW Financial mis-selling is an ever-growing issue –...

Visit Wales - creating romantic breaks

22/10/2014
Delivering 1000% increase in 'romantic' traffic Challenge...

Recruitment campaign

21/10/2014
Thermal Systems are an international client based in...