Tesco CEO Clarke to leave after profit warning

Tesco boss Philip Clarke is to quit after Britain's biggest retailer warned it would miss profit forecasts, bringing an abrupt end to a disastrous three year reign. Clarke, who has spent more than 1 billion pounds ($1.7 billion) on a failed turnaround plan, will be replaced on Oct. 1 by Unilever executive Dave Lewis, who is credited with revamping a number of businesses at the consumer goods group. The darling of the retail sector during two decades of uninterrupted earnings growth, Tesco started losing ground in its main UK market in the final years of long-standing CEO Terry Leahy. Clarke, a 40-year Tesco veteran who started as a teenager stacking shelves in a store managed by his father, fought back with a wide-ranging plan including cutting prices as well as revamping stores and product ranges, but the firm's market share has continued to decline. Reflecting optimism about the change in command, Tesco shares, which had been languishing near 10-year lows, rose around 3.5 per cent in early trade. At 0810 GMT, they were up 1 per cent at 287.95 pence, according to Reuters.