10 April
2024
Tesco PLC
CHANGES TO BOARD AND COMMITTEE
COMPOSITION
Tesco PLC (the 'Company') today announces
that:
·
Byron Grote has confirmed that he plans to retire from the
Board and will not stand for re-election at the Company's 2024
Annual General Meeting ('AGM') to be held on 14 June
2024;
·
Carolyn Fairbairn will be appointed as Senior Independent
Director and a member of the Audit Committee with effect from the
conclusion of the Company's 2024 AGM;
·
Karen Whitworth will be appointed as Chair of the Audit
Committee and a member of the Remuneration Committee with effect
from the conclusion of the Company's 2024 AGM;
·
Melissa Bethell will be appointed a member of the
Remuneration Committee with effect from the conclusion of the
Company's 2024 AGM and will succeed Alison Platt as Chair of the
Remuneration Committee when she steps down from the Board at the
2025 AGM;
·
Thierry Garnier will step down from the Remuneration
Committee and become a member of the Sustainability Committee with
effect from the conclusion of the Company's 2024 AGM;
and
·
Melissa Bethell, Bertrand Bodson, Carolyn Fairbairn, Thierry
Garnier, Caroline Silver and Karen Whitworth will become members of
the Nominations and Governance Committee with effect from 1 June
2024. The appointments ensure all Non-executive Directors are
fully involved in key decisions regarding Board and senior
management appointments, succession planning and talent
development.
Tesco's Chair, Gerry Murphy,
commented:
"On behalf of the Board, I would like to thank
Byron for his significant commitment and invaluable insights and
contribution to the Board over the past nine years, particularly in
recent years as Senior Independent Director, Chair of the Audit
Committee and as interim Chair in the period prior to my
appointment in September 2023, and thank him for the thoughtful
guidance provided to me and my fellow Directors.
Carolyn, Karen and Melissa are experienced
Board members. I am very grateful that they have agreed to take on
these additional responsibilities. Carolyn's understanding of the
macroeconomic, regulatory and political environment and significant
experience across the government, media and business sectors make
her ideally placed for the role of Senior Independent Director.
Karen's retail and financial background and experience as audit
chair of a UK-listed company, will be particularly valuable in the
leadership of the Audit Committee. Melissa's wealth of corporate
and strategy experience both as an executive and non-executive
director and experience on remuneration committees both in the UK
and internationally will be welcomed on the Remuneration
Committee."
In accordance with the Listing Rules, there is
no further information required to be disclosed pursuant to
LR9.6.11R.
Tesco contacts:
Investor relations
Chris
Griffith
01707 940 900
Media
Simon
Rew
0330 678 0639
Company
Secretary
Robert
Welch
07793 222569
LEI number: 2138002P5RNKC5W2JZ46