Tesco CEO Sir Terry Leahy will be retiring in March' 11as per the announcements by the supermarket chain today.
He has been an integral part of the chain for 13 successful years and has overseen the brand in its entire journey of becoming UK's leading supermarket chain.
At retirement, he will be standing 55 years of age, earned £5.2 Million last year from the business and will continue to have a significant value of shares in the company.
Later after this announcement, TESCO's shares went down by 2.4%.
Philip Clarke (currently International and IT Director) will be replacing Sir Leahy and mentioned that he was "honoured and delighted" when approached for his comments on getting this position.
When asked Sir Leahy for what is he going to do post his retirement and with all his earnings, he modestly informed media that he will be doing some "private investment" thereafter.
Some facts and figures to reflect how efficient the brand has been under Sir Leahy's supervision.
It is for time to tell what changes happen in future and how this transition is handled seamlessly by the officials at the organisation.
*Courtesy: IGD, BBC, SKY Network, ITN, Google News, Yahoo News.
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