Tesco brings in Gerry Murphy as its new chair

(Sharecast News) - Retail giant Tesco announced on Monday that Dr Gerry Murphy would join its board and assume the role of chair from 1 September. The company described Dr Murphy as a highly-experienced leader, noting that he currently serves as chair of both Burberry Group and Tate & Lyle.

It said he would bring a background in both executive and non-executive positions, noting that prior to his chairmanship at Burberry plc and Tate & Lyle, he held non-executive director positions at companies including British American Tobacco, Merlin Entertainments, Novar, Abbey National and Reckitt Benckiser.

Dr Murphy also previously served as group chief executive of Kingfisher and held chief executive positions at Carlton Communications, Exel and Greencore Group.

He also served as chair of Blackstone Group International Partners - the primary European entity of the Blackstone Group.

To fulfil his responsibilities as Tesco chair, Dr Murphy would step down from his position at Tate & Lyle on 1 September.

"The board conducted an extensive search for a new chair, and we are delighted that Gerry is joining the board and taking on the chair role," said interim chair Byron Grote.

"He was the unanimous choice of the board, and will bring to our board a record of strong and effective boardroom leadership and a deep understanding of retail and consumer-focused businesses and corporate governance.

"I know he will be a great support to Ken Murphy and our management team, who welcome his appointment."

In light of Dr Murphy's appointment, Grote would step down from his interim role and return to his previous positions as senior independent director and chair of the audit committee.

Additionally, Dr Murphy would assume the role of chair of the nominations and governance committee on his appointment.

"I am delighted to join the Tesco board as its chair - Tesco has a very important role to play in its markets, serving customers, communities and the planet a little better every day," said Gerry Murphy.

"I'm fully committed to helping Ken and the Tesco team deliver on this purpose and very excited about the strategic opportunities for growth across the Tesco group."

Reporting by Josh White for Sharecast.com.