British retailer Tesco has announced that its longtime International CEO, Trevor Masters, will be leaving the company at the end of May after 38 years.
Masters’ responsibilities will be divided to two senior executives, Tony Hoggett and Matt Simister. The split is so a centralised management can oversee and focus on a particular market’s operations.
Hoggett will take over as chief executive of Tesco Asia after having served as chief operating officer for the Tesco UK. Simister will oversee the European market, moving from his current role as food sourcing director.
Both Hoggett and Simister have been with Tesco for over two decades. “Tony and Matt’s work has been at the heart of Tesco’s turnaround over the last two years and I’m delighted that they will join our executive committee,” said Dave Lewis, Tesco Group’s chief executive.
“Their new roles will allow us to focus on the different opportunities presented in Asia and Central Europe.”
Tesco under Masters has sold its Turkish business and entered into joint ventures with local companies in India and China, two markets where it was struggling most. Near the tail end of Masters’ tenure, the company was able to slightly recover its sales with a 2 per cent growth in Europe and 3.2 per cent in Asia.
“I’d like to thank Trevor for everything he has done for our business over the last four decades. He has worked tirelessly to strengthen and simplify our international business, and we couldn’t have made the progress we have without him,” said Lewis.