What:  Tesco appoints a financier as its new chair.

Why it is important:  Is the finance world the new hunting ground for retail strategic hiring?

Gerry Murphy, the current chair of luxury brand Burberry and food group Tate & Lyle, is set to become the next chair of Tesco, replacing John Allan.

Allan stepped down amidst allegations of misconduct towards women. Murphy will join Tesco in September and will be tasked with navigating the supermarket through claims of profiteering during a cost of living crisis.

He will step down from Tate & Lyle to ensure he has the capacity to fulfil his role at Tesco. Byron Grote, Tesco's interim chair, called Murphy "the unanimous choice of the board" and praised his strong boardroom leadership and understanding of retail and consumer-focused businesses.

Tesco appoints City veteran as new chair