Tesco has announced that upon completion of the merger with Booker Group, Charles Wilson will be appointed as CEO of Tesco's retail and wholesale operations in the UK and Republic of Ireland.
Current CEO Matt Davies- who has been at the helm for three years - will continue in his role until completion of the merger expected to be in early March. He will then step down and after a handover period, leave the group at the end of April.
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.
Tesco announced its £3.7bn merger with wholesaler Booker a year ago, and it was given the green light at the end of last year.
Tesco has more than 3,000 stores across the UK, while Booker is the UK’s largest wholesaler and owner of brands such as Londis and Budgens.
It supplies more than 5,000 stores as well as thousands of independent retailers and caterers.
Concerns from rivals
The plans for a merger between Tesco and Booker was heavily criticised by rival wholesalers who claimed that Booker benefit from improved supplier terms, making it difficult for rivals to compete.
They insisted that this could kill competition and lead to Booker raising prices to the shops it supplies.
But the Competitions and Markets Authority disagreed suggesting Booker would be able to negotiate better terms from its suppliers for some of its groceries, and that it was likely to pass these savings on to the shops it supplies.
In addition to the changes in senior management, Tesco also announced a profit forecast of at least £1.57bn for financial year to 24 February 2018 and the intention to propose final dividend of 2p per share.