Tesco shifts UK number two out of role
By John Reynolds, marketingmagazine.co.uk, Thursday, 02 February 2012 09:05AM
Bob Robbins, Tesco's chief operating officer who netted himself more than £200,000 by selling shares in the supermarket just before it issued a profits warning, has been shifted out of his role as number two executive in the UK.
Robbins is going to a new and undefined role, where he will be working for Philip Clarke, Tesco's chief executive.
He will work on a number of initiatives that will leverage the skill and scale of the company, Tesco said.
Robbins sold 50,000 shares in Tesco on January 4 this year, earning himself £202,000.
Eight days later, the retailer issued a trading statement revealing that its UK stores had experienced one of its worst Christmas periods on record.
The profits warning prompted Tesco's share price to fall by 16%, knocking £5bn off the grocer's stock market value.
Robbins was number two to Tesco UK chief executive Richard Brasher.
His share sale was approved by Philip Clarke.
Tesco said Robbins was not in possession of any price-sensitive information at the time the sale was approved.
Follow John Reynolds on Twitter @johnreynolds10
This article was first published on marketingmagazine.co.uk
- Brand Marketing Manager - Fast Growing Ladies Footwear Fashion Brand Recruitment Revolution £35,000, London (West), London (Greater)
- Digital Account Manager - Leading Agency! Ascent Solutions Up to £40,000 + Fantastic benefits!, Central London
- Digital Associate Director Aspire £225 - £275 per day, London
- Campaign Executive - Middlesex - Perm Ninesharp £30000 - £32000 per annum + Great Benefits, Brentford
- account director > FMCG SPORT & MUSIC for youth audiences > TTL shopper collectivo Up to £50k plus flexible benefits, London (Central), London (Greater)
- Tesco Clubcard uses Twitter to pick out Christmas gift ideas
- ASA bans 'strongly sexual' Giffgaff ad
- In pictures: Campaign Media Awards 2014
- Freeview launches singing toys campaign
- Hammerson uses automated mechanical model to showcase Christmas gifts
- King backs new Candy Crush game with global ad push