The Chief Executive Officer of Tesco Plc – Mr. Philip Clarke – will be replaced after the company announced that its profit over the first six months of the current fiscal year are expected to trail the companys initial estimates. Tesco Plc made an official statement today, revealing that it will appoint Mr. Dave Lewis, who has been leading the personal-care unit of Unilever, as a successor of Mr. Clarke, effective October 1st. As reported by the Wall Street Journal, Mr Clarke himself made a statement, saying: "Having taken the business through the huge challenges of the last few years, I think this is the right moment to hand over responsibility." The U.K.-based company revealed that both its trading profit and its sales over the first six months of 2014 are expected to be lower due to the weaker performance of the market and the investments it made in order to meet better its customers needs. According to Tesco Plc statement, Mr. Dave Lewis would take the position of Chief Executive Officer on October 1st.