London Tim Mason, CEO of Tesco’s Fresh & Easy stores in the United States, is not looking to succeed Sir Terry Leahy as head of Tesco, according toThe Financial Times.
The announcement ends years of speculation that the retailer’s second-in-command would step up to the top job when Sir Terry retires, the report said.
Mason said during a visit to some newly opened Fresh & Easy stores in the U.S. that he was not going to succeed Sir Terry, adding that the top job would go to a younger candidate.
The former marketing executive had been in the frame to succeed Sir Terry for some time, but speculation intensified three years ago when Sir Terry picked him to launch Tesco U.S.
The report noted that among the officers vying for the top spot are Phil Clarke, international director, and Richard Brasher, trading director. Yet, at 47 and 45 respectively, both men may be passed over for younger executives coming through the ranks. Tesco is likely to appoint someone who can comfortably sit through a 10-year tenure before hitting the age of 60.