Gerry Murphy appointed as new Chairman of Tesco, replacing John Allan

Murphy has a strong background in the consumer and retail industry and has previously worked at Carlton Communications, Kingfisher, and Exel.

He has also worked at Blackstone and served on the boards of several other companies.

Murphy is expected to step down from Tate & Lyle in due course.

The appointment is seen as positive for the City and for Tesco, which has been steadily reviving its domestic fortunes after a period of crisis.

However, the company has been grappling with the impact of the pandemic and the recent inflation in the British economy.

The article mentions that on Friday, shares of Tesco were trading at 260.8p, which gives the company a market value of over £19bn.

The article also states that Tesco and Tate & Lyle both declined to comment, while Burberry has been contacted for comment.

There is no further information provided in the article.