Tesco’s lauded former chief executive has claimed that the supermarket chain ran into trouble because it forgot its sense of purpose.
Addressing analysts in a private call last week, Sir Terry Leahy said that the group had “focused too much on what it isn’t, rather than remembering what it is and working with that”.
His comments will be seen as a veiled swipe at Philip Clarke, his successor, who took over in 2011 and was ousted this year after presiding over a couple of profit warnings — the first in two decades.
Dave Lewis, the new boss, is reviewing all options to pay for a strategic overhaul of the group’s core retail division, which has been losing ground to rivals. One option being explored is