Britain’s biggest grocer is considering appointing a chairman without a rich pedigree in retailing in a surprise move that has won the cautious backing of some of its leading shareholders.
The board of Tesco has discussed casting its net as widely as possible to find a replacement for Sir Richard Broadbent, who is stepping down after a £250 million accounting scandal and three profit warnings.
Although no firm decisions have been made, Tesco is understood to believe that, if necessary, it can bolster its board with additional independent directors with a retailing background to make up for any shortfall in the experience of an incoming chairman or chairwoman.
Bringing in someone with little or no retailing experience to oversee Tesco would be a risk for