It has been recently revealed that Tesco's UK head Richard Brasher is stepping down from his post and that too with immediate effect. He will leave the business by July, said sources known to the matter.
It has been found that Brasher is leaving the company due to a clash with the Chief Executive of Tesco, Philip Clarke. The news of Brasher's departure has shaken the market and it has affected Tesco's share quite badly.
Tesco shares have fallen to a seven-year low, which is below 30%. Industry insiders said that it has happened for the first time that Tesco shares have dwindled in the market in last 20 years.
However, Clarke said that Brasher is not leaving the company due to him and denied all the allegations against him. He further affirmed, "I have a very good relationship with Richard. I have had for a long time. We have been working together for a quarter of a century. I don't know where that comes from".
Clarke said that he had a discussion with Brasher and he was of the view that there should be one leader in the market and time needs Clarke and not Brasher.