Britain’s biggest supermarket chain Tesco has appointed Sir Richard Broadbent, aged 58, as new chairman. He will replace David Read, Tesco’s chairman since 2004, when the latter retires in November. This is the second major change at the top of Tesco, after its retiring CEO Sir Terry Leahy was replaced by Philip Clarke earlier this year.
The announcement ends months of speculation about what is regarded as one of the biggest corporate roles in Britain. There were also earlier rumours about Broadbent, who was reportedly linked to insurer Aviva. Broadbent’s experience has been hailed by analysts: previously he worked both in the City (Schroders) and for the government (Treasury department and Customs & Excise, for which he was later knighted).