The search for Allan’s successor is being led by Byron Grote, BP’s former chief financial officer, who is also stepping down from Tesco’s board this year.
In recent years, the headhunting company Lygon Group has carried out most of Tesco’s recruitment for the board of directors, but it is not known whether they are also involved in the selection of the director.
John Allan was very outspoken during his tenure. The specialist was appointed just when Tesco was experiencing one of the biggest crises in its history due to a serious accounting fiasco. At the time, the company was struggling to lay off thousands of people, sell assets and restore investor confidence.
Alongside then CEO Dave Lewis, Allan helped stabilize the company, overseeing the sale of several major overseas businesses and rebuilding market share in the UK.
Allan previously headed the CBI, or Confederation of British Industry, and is currently chairman of construction company Barratt Developments, which is also looking for a successor.
Tesco is still by far the largest British retail company, although there are serious claimants to the throne, such as Aldi and Lidl.
Cover photo: Hollie Adams/Getty Images