Tesco moves UK executive who sold shares

A cyclist passes a Tesco store in central London December 8, 2011.

LONDON (Reuters) - Tesco (TSCO.L), has moved Bob Robbins from his role as UK chief operating officer three weeks after it was revealed he sold stock ahead of a profit warning that sent the firm's shares plunging, according to an internal announcement seen by Reuters Wednesday.

The announcement said Robbins will work directly for group chief executive Philip Clarke "on a number of initiatives."

Robbins sold 50,000 shares at 404.51 pence apiece on January 4, netting around 202,000 pounds, according to a filing published on January 5.

That was eight days before Tesco reported its biggest drop in underlying sales for decades, and just three days before the end of the period covered by its trading statement.

"As we move closer to the new financial year, I have reflected on the changing needs of the business and I have asked Bob Robbins to change his executive committee accountabilities," said Clarke.

"I would personally like to thank Bob for his contribution and support over the last year. His wealth of experience has improved our store operations and I look forward to working with him on delivering our strong investment plan over the coming year," said Richard Brasher, CEO, Tesco UK.

Robbins will be succeeded as UK COO by Chris Bush, the current CEO of the firm's Thailand business.

Bush, who has been at Tesco for 29 years, will be responsible for Tesco's UK stores, distribution network and leadership.

"Last month we set out our determination to invest in the UK business. These changes give the UK board the combined strength of a very experienced leader of change and a talented country CEO who has done an extraordinary job in Thailand," said Brasher.

John Christie, a 30-year Tesco veteran, will succeed Bush as CEO of the Thailand business.

Shares in Tesco, which have lost 21 percent of their value over the last month, were up 0.9 percent at 322.6 pence at 10:11 a.m., valuing the business at about 40.53 billion pounds.

(Reporting by James Davey, Editing by Mark Potter)