Shares in supermarket giant Tesco climbed more than 2% to 291p on the news that Philip Clarke is to be replaced by Unilever’s Dave Lewis in October.
Clarke officially leaves the company on 1 October, though will remain in a supporting role untilt he end of January 2015.
Lewis, president of Unilever’s personal care division producing brands including Dove, Lynx and Sure, will take the helm and analysts suggest the jump in share prices reflect confidence in his appointment.
Shares leapt 2.5% in early trading yesterday before ending at 1.3% up at 288.6p
The arrival of Lewis and exit of Clarke was seen as a worry to its biggest rivals Morrisons and Sainsbury’s, which both saw shares drop following news of the board change.