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.

Don't miss out... Get your Marketing news by email

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

Latest Projects from the Profile Hub

Agency51 Design & Development - Women Make Waves

22/07/2014
Challenge. Women Make Waves is a new online blog network...

Swoon Editions

22/07/2014
The Client Swoon Editions is an online furniture brand that...

Asda Store Proposition Intranet

17/07/2014
The Client Asda is Britain’s second largest supermarket...

Timberland Apparel merchandising

15/07/2014
Six large installations in Milan for footwear and apparel....

Hudson Fuggle: Case study

15/07/2014
We spoke to Sue Higgins Finance Director at creative agency...