Tesco boss announced as new Nisa CEO
A former Tesco manager and director has been announced as the new chief executive of Scunthorpe-headquartered Nisa.
Ken Towle, who worked for Tesco for around 30 years, has been appointed as Nisa’s new CEO and he will take up the position with immediate effect. He will replace Arnu Misra who performed an interim CEO role.
His appointment was announced yesterday, on the same day that Co-Op’s £134m acquisition of Nisa completed following approval by the Competition and Markets Authority on Monday 23 April and the Court’s decision to sanction the transaction on Friday 4 May.
Co-Op said Misra, who saw through the completion of the acquisition, would remain in the business for a transition period to ensure a smooth handover to the team who will be in place to lead the business into the future.
Co-Op said that the acquisition provided an environment in which independent retailers could flourish, adding: “Primarily it brings enhanced buying capability, allowing Nisa Partners to trade their businesses in the way they choose. As a result of combined buying synergies this acquisition brings the benefit of competitive prices and promotions for Nisa Partners and access to a deeper range and industry leading own brand proposition.”
Jo Whitfield, chief executive, Co-op Retail, said: “This is exciting news. Co-op and Nisa have all the ingredients for a successful partnership which will include the offer of award-winning Co-op own brand products. It will give Nisa Partners a wholesale operation of scale, allowing them the flexibility to trade their businesses in the way they choose, whilst benefiting competitive prices and promotions on an industry leading own brand.
“Our strategy is to get our award-winning own brand product closer to communities and our new business will create an exciting product offer for Nisa Partners to engage their shoppers with across the UK.
“I’m delighted that Ken will lead the business for us and would like to thank Arnu for the work he has done alongside the Nisa Executive team to make this acquisition such a success and we appreciate his support as we transition.”
