Tesco urged to quit U.S., get back on track
April 8, 2012
Tesco was facing fresh scrutiny today after a leading shareholder said quitting America would help it get its UK operation back on track.
The comments from Richard Black at Legal & General Investment Management, which is Tesco’s third biggest shareholder with a 4 percent stake, come days before chief executive Phil Clarke unveils his blueprint for reviving the chain.
As well as an exit from the loss-making American operation Fresh & Easy, Mr. Black has suggested Tesco ditches banking in order to concentrate on the core grocery side of the business in the UK.