Tesco turnaround under Dave Lewis (2014-2019)
Lewis took over Tesco weeks after the UK's largest grocer admitted it had overstated half-year profit by £263 million. He cut costs, reshuffled management, closed stores, and restructured the balance sheet.
Tesco stabilized, restored its dividend, and won back investor confidence within two years.
Sales growth stayed modest, and the chain later lost ground again to discounters like Aldi and Lidl.
Lewis is running the same playbook at Diageo — cut costs first, then invest. The Tesco outcome shows cost-cutting can stabilize a company but doesn't by itself restore demand growth.
