Following Richard Broadbent’s decision to step down as chairman, Tesco today announces that John Allan will join the board and be appointed chairman on 1 March 2015. Richard Broadbent will step down from the board on the same date.

Richard Broadbent, chairman, said: “I am delighted that John has agreed to join us and take on the role of chairman of the board. I am sure that his wide expertise, his experience and his personal qualities will contribute greatly to the future of the group.”

Patrick Cescau, senior independent director, said: “Following a deep and thorough process run by a committee of independent non-executive directors, the board unanimously agreed that John Allan was the right candidate to chair Tesco at this important time. On behalf of the board I would like to thank Richard for his work as chairman. He has served the business with unflinching commitment through a period of unprecedented change, and put in place a new senior leadership team for the next stage of Tesco's development.”

John Allan said: "I'm very pleased to be taking on this role at such a critical moment for the business and look forward to working with the new executive team and the Board.”