Finance
Tesco's UK boss Matthew Barnes steps down after 15 months
Published by Global Banking & Finance Review®
Posted on May 22, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 22, 2025
2 min readLast updated: January 23, 2026
Matthew Barnes resigns as Tesco UK boss after 15 months. Ashwin Prasad to succeed him. Tesco's market share rises, but profit warnings issued.
By James Davey
LONDON (Reuters) -Tesco, Britain's biggest supermarket group, said Matthew Barnes, its UK boss who was seen by some analysts as the likely successor to group CEO Ken Murphy, has stepped down after just 15 months in the job.
Barnes, also a former boss of discounter Aldi UK, will be replaced from June 30 by Ashwin Prasad, currently Tesco's chief commercial officer, the group said on Thursday.
“I have decided to step down to pursue other opportunities," Barnes said.
Murphy, group CEO since 2020, said Barnes leaves "with our respect and sincere thanks for his contribution."
Tesco has performed strongly over the last year, with monthly industry data showing gains in market share. Its shares are up 22% over the last year.
However, it did warn last month its profit would likely fall this year as it set aside cash to deal with a step up in the "competitive intensity" of the market.
Tesco has also appointed Natasha Adams, currently Ireland & Northern Ireland CEO, to a newly created role of chief strategy & transformation officer, effective from June 9.
(Reporting by James Davey in London and Chandini Monnappa in Bengaluru; Editing by Tasim Zahid, William James and Susan Fenton)
Matthew Barnes has stepped down as Tesco's UK boss after 15 months.
Ashwin Prasad, currently Tesco's chief commercial officer, will replace Matthew Barnes starting June 30.
Matthew Barnes stated, 'I have decided to step down to pursue other opportunities.'
Tesco has performed strongly, with its shares up 22% over the last year, although it warned of a likely profit fall due to increased market competition.
Natasha Adams has been appointed to the newly created role of chief strategy & transformation officer, effective June 9.
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