Dive Summary:
- Ian MacLaurin, a former chairman and chief executive at Tesco, spoke to shareholders at the company's annual meeting on Friday, telling them that the retailer could need as long as "two or three years" to get back on track following Terry Leahy's departure as CEO in 2011 and new Chief Executive Phil Clarke's arrival.
- "It is a very sad situation—your enormous writedowns, (and) the situation in America," Leahy said, according to a Reuters report.
- Tesco is currently the No. 3 retailers in the world, though it posted a fall in profits in April for the first time in two decades and revealed that it would write down its global operations value by $3.5 billion.
From the article:
... MacLaurin said Tesco's board and shareholders had to counter "an age of short-termism" by taking a long-term view and giving Clarke - who took over from Leahy in March 2011 - and his team time to fix things. ...
