By John Smith • 07 October 2020 • 15:54
A NEW month and a new Chief Executive, as Ken Murphy takes over the helm at Tesco, Britain’s largest supermarket chain with a promise to keep everything on track with the policy initiated by former boss Dave Lewis.
It was only a few years ago that Tesco hit the headlines for the wrong reason as three of its senior staff were accused of false accounting, but having shaken off that problem, it had a change of direction and has been concentrating more on its core business.
Recently it managed to reach agreement to sell its business in Malaysia and Thailand for £8.2 billion (€9 billion) which will allow it to consolidate its finances and create a special profit dividend for shareholders.
Sales for the first half of the year were up but with the cost of Covid-19 protection and extra staff at more than £500 million (€550 million) profits were down by 15 per cent compared to last year.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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