Ebene News – GB – Former Tesco boss Dave Lewis knighted after overturning grocery giant

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Former Tesco boss Dave Lewis was knighted after changing the fortunes of the UK’s largest private employer

M Lewis, nicknamed “Drastic Dave” for his significant cost reductions early in his leadership, has been recognized in New Year’s Honors for his service to industry and food businesses

When he arrived at Tesco in 2014, his first major task was to announce that the company had overstated its historic profits by £ 326million

The accounting scandal led to a fine of £ 129m and £ 85m in compensation for investors, and was quickly followed by a fine of £ 6.4bn in losses at the supermarkets

However, M Lewis, who had joined retailer from consumer goods giant Unilever, put him on the path to recovery over the next six years

He drastically cut costs across the business and sold non-core parts of the retail business

Tesco climbed to pre-tax profit of £ 551million in the six-month period ending September, in M’s final period Lewis at the helm of Tesco, before Ken Murphy took over the following month

It saw a 29% rise in profits despite high costs due to the pandemic, as it benefited from growing demand for groceries and the rapid expansion of its online operations

It followed a strong 2019-2020 fiscal year, which saw Mr. Lewis handing over a £ 642million payroll package through the company’s board of directors, a more than 30% increase in his total compensation

However, shareholders voted against the pay deals for its directors, including Mr. Lewis, with 673% of the vote at his annual general meeting cast against the salary package

The knighthood also comes after a year that saw Tesco create more than 16,000 permanent jobs during the pandemic, as it battled significant supply chain pressures to get food to the shelves

Shortly after leaving, the supermarket giant also became the first non-essential retailer to say it would return trade tariffs for the support it received during the pandemic

Tesco has returned £ 585million in corporate tariff relief and caused a domino effect among rivals, which has seen around £ 2bn returned to the state

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Dave Lewis, Tesco PLC

Ebene News – GB – Former Tesco boss Dave Lewis knighted after overthrowing grocery giant

Source: https://www.dailyecho.co.uk/news/national/18978053.former-tesco-boss-dave-lewis-knighted-turning-around-grocery-giant/