New chairman at Tesco from March

The Tesco, Britain's biggest retailer, has named John Allan as its new chairman, succeeding Richard Broadbent who said in October he would step down in the wake of the supermarket's 263 million pounds profit overstatement.

Allan, a former chief executive of logistics group Exel, is tasked with restoring Tesco's battered reputation with investors and will start the job on March 1.

He will run the Tesco board as chief executive Dave Lewis, who joined in September, continues with his plan to fight back from years of market share losses, debt downgrades and the accounting scandal. (Kertész Róbert, MTI)