The Chinese e-commerce giant will have $8 billion in cash after its IPO as well as valuable stock it can use for acquisitions. The ...
Ken Towle had been head of Tesco’s operations in China.
Tesco, the world’s fourth-largest retailer by revenue, has named a new head of e-commerce.
Ken Towle, CEO of China operations for Tesco, will take over the e-commerce role from Laura Wade-Gery, who has been appointed to the retailer’s U.K. board. Towle will report to Andrew Higginson, Tesco’s director of retailing services.
Towle has been with Tesco for over 25 years and moved to China in 2005 to oversee the company’s operations there, a Tesco spokesman says.
Tesco had global revenue of over $90 billion in 2009, according to Deloitte, an international accounting and consulting firm that recently ranked Tesco fourth among retailers in global revenue based on 2009 data.