Today the Board of   TESCO PLC   announced their decision to appoint Dave Lewis as chief executive had been, in their judgement, a resounding success and Mr Lewis has been suitably rewarded. Base salary rises from £570,000 to £1,250,000, pension contribution up from £130,000 to £313,000, and a £3,000,000 bonus for being Dave, not Phil. Independent

Meanwhile, back on planet Earth:

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The share price closed at 225p on the day Mr Lewis started; today it trades for 158p.

Despite Dave Lewis "kitchen sinking" the 2015 accounts to an overall £6.4 billion loss, "Operating Profit", a fairer measure of trading performance in the circumstances, actually fell 32% between 2015 and 2016, from £1,390M to £944M.

Share price crushed, dividend cancelled; if this is success what constitutes mediocrity?

No position.

Bonitabeach

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