LONDON: Retailer Tesco Plc. denied rumours that its chief executive Sir Terry Leahy is planning to quit. A report that he is set to leave the country's largest retail chain had appeared in London's City AM free newspaper. A company spokesperson described the report as "nonsense".
The newspaper had said Sir Terry was negotiating with the company on the terms of his exit, that he was to relinquish the position around Christmas and that he would head the National Health Scheme of the government.
The rumours come even as Sir Terry has been named as the most admired business leader and Tesco as the most admired business at an awards function organised by Management Today.
A company spokesperson quoted Sir Terry as saying at the function in response to a query whether he is leaving Tesco that he had no plans to move on. He described Tesco as a great company and that he has lot more to do there.
Sir Terry, 49, had joined Tesco in its marketing in 1979 and has been its head since 1997. He is all set to take the company on to a 2 billion-pound profit during the current fiscal.
City AM said in its speculative report that Sir Terry had decided to quit in October and that the company would announce his exit during the Christmas.
Posted
on : Fri, 02 Dec 2005 12:00 GMT | Business News
By : Mike Lawson
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