Angry shareholders on Friday attacked Tesco chief executive Philip Clarke for failing to stem losses at the supermarket's US venture and "losing touch" with British customers.
Clarke repeatedly refused to bow to shareholder pressure to set a target date for when its US business Fresh & Easy – which has been in the red since it launched in 2007 – would finally begin to turn a profit.
"Fresh & Easy is improving as a business and I can assure you that it is receiving close attention from the executive team," Clarke said.
"We believe there is great value in the business and, if we get it right, an excellent stream of growth in future years."
However, he added that if the US stores continued to fail and there was "no chance of success", Tesco would make "tough decisions" like it did with offloading its ailing Japanese business earlier this year.
But some shareholders were unconvinced, with one investor calling on Clarke to quit if the business did not begin to improve. "Will you resign if you don't achieve them [targets] or will we have to vote you out?" he asked at a confrontational annual meeting in Cardiff.
Tesco's chairman, Sir Richard Broadbent, said Clarke was "evidently one of the best retailers in the world" and said there was "absolutely no prospect" of him resigning. Broadbent added that Tesco was "not hiding anything at all at Fresh & Easy".
Earlier this year, Clarke said he did not expect the US chain to break even until its 2013/14 financial year – a year later than its previous target. This month, Tesco reported that underlying sales growth at Fresh & Easy slowed to 3.6% in its first quarter compared with 12.3% in the fourth quarter of last year.
Shareholders also attacked the company for its dire performance in the UK, which led to a shock profits warning – its first in decades – just after Christmas. Broadbent admitted it had been a tough year, and said the board was acutely aware that Tesco's shares have lost more than 20% of their value so far this year.
Clarke conceded that Tesco has "had a problem" in the UK and said the UK's biggest retailer had "allowed the shopping experience to become less appealing in a difficult economic environment". He said Tesco was undergoing a £1bn turnaround plan to recruit new staff and renovate stores, which account for about £1 in every £8 spent by British shoppers.
Despite the tense atmosphere, Tesco avoided becoming the latest victim of the "shareholder spring", which has seen big revolts against directors' pay at some of Britain's biggest companies recently.
The board's pay deal received the support of 96.9% of shareholders despite shareholder adviser Pirc calling on investors to vote down the "wholly excessive" remuneration package.
Clarke may have headed off any serious rebellion by foregoing his £372,000 bonus. He still collected a pay package of £1.16m last year.
Source: www.guardian.co.uk
Wimbledon 2012: Watson Overawed by Faultless Radwanska - ibtimes.co.uk
However, she quickly found herself on the back foot as Radwanska, who has enjoyed a sparkling 2012 with wins in United Arab Emirates, Miami and Brussels, made the most of a series of errors from the British No.4
Watson was broken three times in the opening set and made 12 unforced errors to hand Radwanska the first set without registering a game.
The Polish No.3 seed was only forced into hitting two winners in the opening exchanges, as Watson, in just her second match on centre court, floundered under the pressure.
The 20 year old began the second set in similarly nervous fashion, losing her serve immediately, as Radwanska, a two-time Wimbledon quarter finalist, continued to benefit from Watson's rising unforced error count.
The current world No.3 combined pressure from the baseline with the ability to mix up her ground strokes, moving Watson around the court effectively, allowing the young pretender no rhythm from which to form a challenge
Watson did eventually get herself on the board in the fourth game of the set, and then again in the sixth with comfortable service games, but it only worked to delay the inevitable, as after she saved one match-point, Radwanska converted the second to break again and take the second set 6-2.
The Guernsey-born player will be left to reflect on a singles campaign which saw her become the most successful British female at Wimbledon for ten years, which will undoubtedly see her rise into the world's top 100.
Radwanka will meanwhile go on to play either Nadia Petrova or Camila Giorgi in round four and will possess a genuine threat in the second week as she hunts down a first ever grand slam title.
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Source: www.ibtimes.co.uk
Watson bows out of Wimbledon as world No 3 Radwanska proves too strong for Briton - Daily Mail
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Britain's Heather Watson was hammered 6-0 6-2 by Polish third seed Agnieszka Radwanska in the third round at Wimbledon.
Spectators had gathered in the hope there would be the rare sight of a British woman progressing to the fourth round, but instead they witnessed a mauling as Radwanska tore apart the Guernsey player's game.
The defeat for Watson means Andy Murray is now the only Briton left standing in the singles at SW19.
Dejected: Heather Watson was outclassed on centre court
The opening game was ultimately nothing to go by, but briefly Watson looked as if she was going to be able to match her opponent, who is ranked 100 places higher than her.
Watson took Radwanska to deuce before attempting an audacious lob that went just too long and the Pole moved 1-0 ahead.
The set then began to unravel for the 20-year-old in embarrassing fashion.
Out: Watson would have been the first British woman in the fourth round since 1998
Too strong: Agnieszka Radwanska outclassed Watson
Watson offered Radwanska two break points in her opening service game and the world number three took the first to move 2-0 up when the home favourite tamely netted a forehand.
After Radwanska held her serve, she once more broke Watson whose forehand failed again.
The home crowd sighed with disappointment as another routine Radwanska hold was followed by another break. The first set had whizzed by in just 24 minutes.
Watson was willed on as she came out for the second set, but the support could not help the shellshocked youngster who looked resigned to defeat.
Tough work: Watson was overpowered by Radwanska
Anguished: Watson was visibly frustrated and dejected during the second set
Two-time quarter-finalist Radwanska pinned Watson to the baseline at 30-40 and the Briton's return - a wayward backhand - flew long and the Pole had a 2-0 lead.
Radwanska offered Watson a route back when she netted to give the youngster a break point but then came a serve that did not come back.
Watson, determined to avoid a whitewash, upped her game in the fourth game of the second set, sending her opponent to all four corners of the court before powering down a 107mph ace to hold.
Gracious: Watson congratulated her opponent
I'm off: Watson leaves the court for the final time this year
The Channel Islander's relief was clear as she let out a huge roar of "Come on!", but normal service resumed in the following game as Radwanska held to love.
Another hold from Watson - this time to love - gave her more confidence but Radwanska had already done the damage.
The 23-year-old held easily before Watson gave away match point with a weak backhand.
Radwanska did not take that opportunity, but she did not fail at the second time of asking, Watson hitting a backhand wide to lose in just 58 minutes.
Afterwards Watson sped off court, clearly unhappy with her performance.
Source: www.dailymail.co.uk
You shouldn't get too frustrated because it can mess things up with concentration and confidence. In my view, when you get angry with yourself you release adrenalin that should really be saved. Once you are seasoned you might be able to have a little dabble here and there without interference. She might have had a few nerves and they don't help. I'm sure by this time next year she will have grown leaps and bounds.............. She is still a little puppy yet. And if any negative press comes along (Not DM, because they wouldn't do that) you just float off on a cloud. Night, night.
- I don't know, Manchester, 30/6/2012 01:27
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