Supermarket giant Tesco has announced chief executive Dave Lewis will step down next summer.
The group have announced that Ken Murphy, currently chief commercial officer at Walgreens Boots Alliance, will take over the role.
Mr Lewis started as CEO back in 2014, as Tesco reported that profits were down 92 per cent and was gripped by an accounting scandal.
It was announced this summer that the high street giant had reported it’s 14th straight quarter of growth.
Mr Lewis said: “My decision to step down as group CEO is a personal one.
“I believe that the tenure of the CEO should be a finite one and that now is the right time to pass the baton.
“Our turnaround is complete, we have delivered all the metrics we set for ourselves. The leadership team is very strong, our strategy is clear and it is delivering.”
Chairman John Allan said: “It is with regret that I have accepted the resignation of Dave Lewis as Group CEO of Tesco, who has decided that he wants to leave the business in the summer of 2020.
“Dave has done an outstanding job in rebuilding Tesco since 2014 and he continues to have unwavering support from the Board.
“As a result, today, we have appointed Ken Murphy to succeed Dave as Group CEO of Tesco next summer.
“Ken is unquestionably, a seasoned, growth-orientated business leader.
“Ken has contractual commitments to his previous employer, and therefore we will announce his precise start date in due course.”
Mr Murphy will recieve a salary of £1.35 million when he takes over the reigns at Tesco next year.