Tesco has started screening candidates to replace long-serving chairman John Allan, who is nearing the end of his term.

Sky News report headhunters have begun approaching candidates for the supermarket chain’s top position.

According to sources, several heavyweight boardroom figures have been also been approached about the position in recent weeks.

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Allan will step down next year because he has “timed out” under corporate governance guidelines, which prohibit chairs from serving for more than nine years.

Former BP finance chief Byron Grote, who is also set to leave the supermarket giant’s later this year, is leading the internal search.

During his tenure as Tesco chairman, Allan has been a vocal figure.

He was appointed shortly after the discovery of a £263 million accounting black hole in the grocer’s accounts, raising concerns about the company’s survival.

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Earlier this year, he faced a backlash from suppliers after claiming that some companies may be using inflation as an excuse to raise prices beyond what is necessary.

Source Retail Gazette

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