Tesco UK chief Brasher 'to step down'

Richard Brasher, the chief executive of Tesco's UK operations, is set to step down from his role after one of the most difficult trading periods in the supermarket giant's recent history, according to reports.

Group CEO Philip Clarke will replace Brasher, multiple reports this morning suggest. Brasher joined Tesco more than 25 years ago and was installed as UK chief last March. Tesco released its first profit warning in 20 years in January, forecasting that underlying profit in 2012 would be some £450m lower than expected. The announcement saw the group's share price fall by 17%. In early trading today Tesco's shares are one of the biggest fallers in the FTSE 100. The company's share price has declined 1% or 3.2p to 321p. Meanwhile, London's leading share price index is trading fla...