Tesco appoints Booker boss as CEO of its UK & Ireland retail arm

Tesco and Booker merger

The news comes after the Competition and Markets Authority cleared Tesco's merger with Booker in December, with the tie-up now pending shareholder approvals.

Wilson, who has led Booker since 2005, will replace Tesco's current United Kingdom and Ireland chief executive Matt Davies in April during a handover period.

Tesco said on Monday that Charles Wilson, the current boss of Booker, will be CEO of Tesco's retail and wholesale operation in the United Kingdom and Ireland, when the supermarket completes its purchase of the wholesaler. He brings substantial commercial and retail experience and has an exceptional track record of increasing performance and driving growth in customer-focused businesses.

Wilson has been CEO at Booker since 2005 and has been praised for turning Booker's fortunes around and generating steady year-on-year growth.

Commenting on the appointment, analyst Bruno Monteyne of Bernstein Research said, "The appointment clarifies the question of what Charles Wilson's role will be in the combined Tesco Booker group".

"I would also like to thank Matt for his outstanding contribution to the business over the last three years".

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Lewis had a total remuneration package worth 4.15 million pounds in the 2016-17 year.

Tesco's share price has slipped marginally into the red in today's session, having given up 0.36 percent to 201.48p as of 08:33 GMT.

Tesco shareholders will vote on the Booker deal at a meeting on February 28 and completion is expected to take place on March 5.

Within the circular, Tesco will confirm that since the 3Q and Christmas Trading Update released on 11 January 2018, the Group's trading performance has been in line with management's expectations and that it expects to deliver at least £1.575 billion Group operating profit before exceptional items in respect of the financial year ending 24 February 2018.

The retailer also declared a final dividend for the year of 2.0 pence per share.

The interim payment was its first since the 2014-15 year when it was mired in crisis.

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