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Tesco has reportedly begun proceedings to find a replacement for its independent chairman, John Allan, who will step down in 2024, according to Sky News.
Under UK corporate governance rules, Allan will be ‘timed out’ in just over a year, meaning he would no longer be regarded as an independent chairman after serving for nine years.
The search for his successor will be led internally by Byron Grote, the former BP finance chief, who himself is due to step down from the Tesco board next year.
Sky said that external headhunters were being appointed to assist with the process, which is expected to get underway formally in the first half of 2023.
Allan was a former chairman of Dixons Stores Group – now known as Currys – and has also sat on the boards of companies including 3i Group, Royal Mail and Worldpay.
