The Chief Executive of the Tesco PLC, Terry Leahy, on Tuesday announced a sudden retirement, a move affirmed by the Company, in March next year. The present head of operations in Asia and Europe, Philip Clarke, will be taking the position.

Mr. Leahy, 55, said that during his tenure as CEO, he worked to build Tesco around its customers, and to place it at number one position in the U. K. with some long-term growth in non-food, in services and in international expansion.

He added that it’s been 14 years now and that the “strategy has become a firm reality” with his role complete.

After his retirement, Mr. Leahy said he will focus "mainly on private investment" and will stick to a large shareholding in the U. K. supermarket group.

The replacing employee of the Company, Mr. Clarke, 50, has been with Tesco's board since 1998. He presently chairs Company's international businesses in Asia and Europe and also is head of information-technology operations.

It was stated by Tesco that Tim Mason, President and CEO of Fresh & Easy business in the U. S., will be appointed as Deputy CEO.

Also, David Potts, presently Retail and Logistics Director in the U. K., will given the post of the first Asia CEO of the company and Richard Brasher will be the CEO of the U. K. business and the Republic of Ireland operations as well. He is presently commercial director of the group.