Tesco Appoints New Chairman 'At Critical Moment'

Troubled supermarket Tesco has appointed John Allan as its new chairman, replacing Sir Richard Broadbent. Mr Allan, who takes up his role on 1 March, is currently on the boards of electrical retailer Dixons Carphone and Royal Mail but will step down from those posts. Mr Allan will be paid £650,000 a year as part of a three-year contract with Britain's biggest supermarket chain. He is also chairman of property company Barratt Developments and payment processing firm Worldpay, but is expecte