Tesco has announced Booker chief executive Charles Wilson will become CEO of the multiple’s retail and wholesale operations after completion of the groups’ merger.
Britain’s biggest supermarket is expected to publish a full circular and prospectus of its £3.7bn takeover of Booker Wholesale later today, ahead of a final vote at the end of the month. Tesco also raised its profit forecast for the full 2017-18 year, slightly ahead of analysts’ expectations.
Wilson will become chief executive officer of Tesco’s retail and wholesale operations in the UK and Ireland from the end of April, when current UK boss, Matt Davies, steps down from the role.
Tesco group chief executive Dave Lewis said: “I am delighted Charles will be joining the Tesco board and executive committee.
“He brings substantial commercial and retail experience and has an exceptional track record of increasing performance and driving growth in customer-focused businesses. Charles is ideally suited to lead the UK & ROI business for the combined group in the next phase of our turnaround.”
Tesco and Booker shareholders will vote on the takeover deal at a meeting on February 28 and completion is expected to take place on March 5.
Tesco expects to generate an operating profit of at least £1.575bn for the year ending February 24.