London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

Tesco to kick off search for successor to long-serving chairman Allan

Tesco to kick off search for successor to long-serving chairman Allan

Tesco is to kick off a formal hunt to identify its next chairman early in 2023 as John Allan prepares to retire from the helm of Britain’s biggest retailer.

Britain's biggest retailer is preparing to kick off a search for a new chairman, firing the starting gun on a race to fill one of the FTSE-100's most prestigious boardroom posts.

Sky News has learnt that Tesco is drawing up plans to begin identifying a replacement for John Allan, who will step down in 2024.

Under UK corporate governance rules, Mr Allan will be 'timed out' in just over a year, meaning he would no longer be regarded as an independent chairman after serving for nine years.

The search for his successor will be led internally by Byron Grote, the former BP finance chief, who himself is due to step down from the Tesco board next year.

City sources said that external headhunters were being appointed to assist with the process, which is expected to get underway formally in the first half of 2023.

Lygon Group, a search firm, has done much of Tesco's boardroom recruitment work in recent years.

Mr Allan, a former president of the CBI, has been an outspoken figure during his tenure as Tesco chairman, recently declaring that Labour was the only political party to have set out a credible economic growth plan.

He attended a business summit last week which featured speeches from Sir Keir Starmer and Rachel Reeves, the Labour leader and shadow chancellor respectively.

Last year, he called for ministers to urgently relax visa restrictions to avert the prospect of Brexit-related supply chain problems.

Mr Allan is also in the process of bowing out as chairman of Barratt Developments, the FTSE-100 housebuilder, where the search for his successor is more advanced.



A former chairman of Dixons Stores Group - now known as Currys - he has also sat on the boards of blue-chip British companies including 3i Group, Royal Mail and Worldpay.

He was appointed as chairman of Tesco during the aftermath of the biggest crisis in the chain's history, with the discovery of an accounting black hole which raised genuine questions about its survival.

Mr Allan arrived as the company scrambled to cut thousands of jobs, sell assets and shore up investor confidence.

Alongside Sir Dave Lewis, the then chief executive, he helped to stabilise the company, overseeing the sale of several large overseas businesses and rebuilding its market share in the UK.

In 2019, he oversaw the process of identifying Sir Dave's successor, appointing former Boots executive Ken Murphy to replace him.

Tesco has steadily revived its domestic fortunes, and remains by far the largest food retailer in Britain.

Like its rivals, it has been grappling with the impact of the pandemic and, more recently, the rampant inflation which has gripped Britain's economy.

Its recovery has come during a period of seismic change in the industry, with Morrisons' performance faltering, the German discounters Aldi and Lidl growing rapidly and Asda being sold to the billionaire Issa brothers and buyout firm TDR Capital.

On Friday, Tesco shares closed at 227.9p, giving the company a market value of close to £17bn.

Tesco declined to comment this weekend.

Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×