One of Liverpool's most successful sons is to step down as Chief Executive of Tesco, to make way for another high-flying Merseyside export.
Sir Terry Leahy, who has headed up the international retail giant for fourteen years, announced his retirement on Tuesday (8th June).
Announcing his exit from the supermarket chain, Sir Terry said he felt his work was "almost complete", and offered his support to incoming Chief Executive Philip Clarke.
He added: "When I became CEO I had a plan to build Tesco around its customers, to make it number one in the UK and to find new long term growth in non-food, in services and in international expansion.
"I wanted to develop a purpose and values that could sustain Tesco through its challenges and encourage and grow future leaders.
"It has taken 14 years but that strategy has become a firm reality now and so I feel my work is almost complete.
"I am delighted Phil Clarke has accepted the role of CEO from March 2011. I have worked with Phil at Tesco for many years and I am confident he has all the necessary talent, energy and experience to take the group forward.
"He will be supported by an outstanding team of senior executives who together represent one of the strongest leadership teams in the world of retailing.
"There is no better job than leading Tesco and after retirement I will concentrate mainly on private investment. I will, of course, keep a large shareholding in Tesco and remain its biggest supporter."
Liverpool-born Philip Clarke, originally from East Prescot Road, Old Swan, first worked for Tesco in 1974 as a part-time assistant while he was still at school in Bluecoat School. He joined the management training scheme after reading Economics at Liverpool University.
He will take the reigns formally in March 2011, when Sir Terry formally leaves the company.
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