A Bowdon man is the surprise choice as the new UK and Ireland CEO of Tesco.
Matt Davies, 43, is to leave retailer Halfords to take up the plum post at the country’s largest supermarket.
His appointment was one of a raft of sweeping changes announced by Tesco this morning as it looks to fight back from a troubling period that has involved falling sales, profit warnings and an accounting scandal.
It has also confirmed plans to close 43 unprofitable stores across the UK. There’s no word yet on the identity of the stores but Tesco said a “significant proportion” will be local convenience shops.
Davies began his career in corporate finance with NatWest Markets, before joining the Manchester office of Rothschild.
He went on to become finance director and then chief executive of Handforth-based Pets at Home, during which time the retailer more than doubled the number of its stores.
Below: Matt Davies is currently CEO at Halfords
Davies, who has led Halfords since October 2012, said: “My decision to leave has been very difficult. I have really enjoyed my time at Halfords, working with a great team of people across the business, helping to create and deliver a clear service-focused strategy. I am fully committed to driving the business over the next few months before I depart.”
Shares in Halfords fell over 6% on the news of Davies’ departure.
He will take up his new post at Tesco on June 1st.
