NEW YORK (TheStreet) -- Shares of Tesco (TSCDY) are up 0.92% to $14.80 after it was reported that the U.K. retailer will drop CEO Philip Clarke and replace him with a turnaround specialist from Unilever (UL), as the company warned it would again miss profit forecasts, Reuters reports.
Dave Lewis, credited with revamping a succession of businesses at consumer goods group Unilever and is currently its global president of personal care, will take over on October 1.
Analysts said the appointment of a non-retailer and the first outside CEO in Tesco's 95-year history could herald a major strategy re-think at the world's third-biggest stores group, which could include big price cuts to win back customers, Reuters said.
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