Former Tesco boss Sir Terry Leahy defends tenure at grocer insisting it had not grown 'too big' while he was at helm

Former Tesco chief executive Sir Terry Leahy has defended his tenure at Britain’s biggest grocer insisting it had not grown ‘too big’ while he was at the helm.

The retail grandee, who ran the supermarket giant for 14 years, said he was ‘shocked’ by what had happened since his departure in March 2011.

Since he quit, the shares have plunged 53.30 per cent following a torrent of bad news.

On the defensive: Sir Terry Leahy, who ran Tesco for 14 years, is ‘shocked’ by what had happened since his departure

In a rare speech since Tesco’s fall from grace, the business knight said Tesco ‘had lost sight of its customers’ at a crucial time where it is neither a discounter nor operating at the premium end of the market.

Established grocers which have been occupying the mid-market, and are stuck with large out-of-town stores, have become less relevant to shoppers who are choosing to buy in smaller convenience stores and online.

Leahy, said the depth and impact of the recession has gone on ‘longer than anyone predicted’.

Tesco is the third largest retailer in the world, behind Wal-Mart and Carrefour, and has substantial operations across the world, including in Korea, Thailand and mainland Europe.

It was Leahy who attempted to take on Wal-Mart in its own backyard, launching the Fresh & Easy start-up on the west coast of America. But his successor Philip Clarke wasted no time dismantling his legacy, pulling the plug just months later to focus on the troubled UK business.

source  http://www.dailymail.co.uk/money/markets/article-2850702/Former-Tesco-boss-Sir-Terry-Leahy-defends-tenure-grocer-insisting-not-grown-big-helm.html