Changes to Board and Committee Composition

Tesco PLC

10 April 2024

 

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

 

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