News Column

DIRECTOR DEALINGS: Tesco Outgoing CEO, Managers Acquire Shares

July 21, 2014

Arvind Bhunjun



LONDON (Alliance News) - British supermarket chain Tesco PLC Monday said outgoing Chief Executive Philip Clarke and a group of managers acquired shares at a price 284.63 pence per share under the company's Partnership Share Scheme Friday.



Details are as follows.

Director

Number of shares

P Clarke

39

 

 

PDMR

Number of shares

C Bush

39

J Easterbrook

38

K Grace

18

D Hobbs

39

A Horner

11

T Masters

39

M McNamara

39

A Morris

39

S Rigby

39

R Shelley

39

K Towle

39





Shares in the company have jumped following the surprise announcement that Chief Executive Officer Philip Clarke will step down on October 1, to be replaced by Dave Lewis, who is currently president of Unilever's Personal Care unit, as well as a non-executive director of British Sky Broadcasting PLC.

Tesco also warned Monday that its sales and trading profit for the first-half are "somewhat below expectations." However, investors and analysts have expressed little surprise at the profit warning, given the well-documented price pressure in the UK supermarket sector at the moment, and instead are hopeful that the incoming CEO can turn things around.



Tesco shares were trading 1.8% higher at 290.07 pence Monday, making it the biggest gainer on the FTSE100.












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Source: Alliance News


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