Tesco picks Barclays' chief for top job

Tesco has announced that its new chairman will be the deputy chairman of Barclays, Sir Richard Broadbent.

Sir Richard will join the board of Tesco Plc as a non-executive director in July, and take over the top role when the current chairman, David Reid, retires in November.

He said: I am delighted to be joining the board of an innovative and growing global business. I look forward to working with a great team and playing my part in helping guide Tesco to further success in the future.

The businessman started his career in the Treasury in 1975 before moving to Schroeders Bank in the mid-1980s. He later became the first non-civil servant to serve as permanent secretary of customs and excise, and joined the board at Barclays in 2003. He was also the non-executive chairman of transport service group, Arriva, until 2010.