Tesco Regulatory News (TSCO)

TESCO PLC

TESCO ANNOUNCES BOARD CHANGE

Tesco PLC announces that Dame Lucy Neville-Rolfe CMG, the Executive Director responsible for Corporate and Legal Affairs, will retire on her 60th birthday on 2 January 2013.

Chief Executive Philip Clarke said: "During her period at Tesco Lucy has transformed the professionalism of the corporate affairs function at Tesco as well as, on the legal side, leading for the company on 3 major competition enquiries.  Lucy has always shown unrelenting determination and great finesse and Tesco is indebted to her for many outstanding achievements, not least for leaving behind her a strong team.  Our position, both at home and overseas, is undoubtedly much better as a consequence. We will miss her wise counsel when she retires in six months' time".

Lucy said: "I have had a fascinating career at Tesco and have greatly enjoyed representing our interests around the world and building a great team.  The company has grown enormously in size and profits since I joined and I am proud that, with many others, I have contributed to its success."

Lucy's responsibilities will be divided between Adrian Morris, who will join from BP as Group General Counsel on 3 September and Rebecca Shelley, who joined the Group from Brunswick on 1 May and will take responsibility for Corporate Affairs. Both will join the Group Executive Committee chaired by Philip Clarke.    

NOTES FOR EDITORS

Dame Lucy joined Tesco as Director of Corporate Affairs in 1997 from the senior civil service (including a period in Downing Street) and was appointed Company Secretary of Tesco PLC in 2004.  In 2006 she was appointed to her present position on the PLC Board.

Dame Lucy is Deputy Chair of the British Retail Consortium and a Non-Executive Director of ITV plc and of the Carbon Trust.  She is also a member of the London Business School's Governing Body, the China Britain Business Council, the UK India Business Council and the Corporate Leaders' Group on Climate Change.  On 1 July she will become Non-Executive President of EuroCommerce, the European trade association for retail, wholesale and international trade.

Dame Lucy was this month appointed DBE in Her Majesty the Queen's Birthday Honours.