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Shareholders to challenge Tesco

Reports suggest there are growing concerns over the supermarket's strategy and culture

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Tesco's shareholders have called on the supermarket chain to address their concerns around its strategy, reports suggested on Thursday.

The Financial Times reported that shareholders have sought reassurance from new chairman Sir Richard Broadbent that he will seek to change the culture.

The shareholders claim that Tesco became over-centralised during Terry Leahy's 14-year reign as chief executive.

Broadbent is expected to unveil a blueprint for its future in ten days' time.

One top 10 shareholder told the FT: "Turning the group around will take at least three years. And the culture is not that of a world-class business. Tesco is defensive, inward-looking and doesn't have a clear strategy."

Tesco said: "We stay close to investors and know what they expect of Tesco. We began our investment plan for the UK last summer, accelerated the pace in January and have already announced important initiatives including a major investment in price, 20,000 more staff in stores, and the launch of the Everyday Value range. We will set out the plan in more detail to investors later this month."


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