LONDON (Reuters) - Tesco (L:TSCO), Britain's biggest retailer, has named John Allan as its new chairman, succeeding Richard Broadbent who said in October he would step down in the wake of the supermarket's 263 million pounds profit overstatement.
Allan is the current chairman of housebuilder Barratt Developments (L:BDEV) and co-deputy chairman of electricals retailer Dixons Carphone (L:DC). He is tasked with restoring Tesco's battered reputation with investors and will start the job on March 1.
Broadbent, Tesco chairman since 2011, said in October he would quit the role, reflecting "the very important principle of accountability". Last year Tesco issued four profit warnings, sending its shares to a 14-year low.