Tesco to appoint new UK chief on Thursday - FT
LONDON (Reuters) - Tesco, the world's third-largest retailer by revenue, is to appoint a new managing director of its UK business on Thursday when it updates the market with its Christmas sales performance.
The company will appoint Chris Bush, currently chief operating officer in its British business, to the role, the Financial Times newspaper reported on Thursday without citing sources.
The newspaper said the appointment of Bush would allow Tesco's chief executive, Philip Clarke, to spend more time on strategic issues beyond Tesco's domestic market.
Clarke, who took direct control of the UK business last March after the division's then-Chief Executive Richard Brasher quit, has been trying to turn the division around.
The division, which accounts for about two-thirds of Tesco's sales and profits, issued its first profit warning in two decades in January last year. Analysts expect Tesco to report like-for-like sales growth of 0.5-1.5 percent in its home market over the Christmas period.
Tesco declined to comment.
(Reporting by Brenda Goh; Editing by Dan Grebler)
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.