British retailer Tesco recently shared that it is preparing to find a replacement for John Allan, who is set to step down as chairman in 2024, Sky News reports. 

The role is one of the FTSE-100's most prestigious boardroom posts, according to the outlet.

As per UK corporate governance rules, Allan will be 'timed out' in just over a year. This means he would no longer be regarded as an independent chairman after serving for nine years, the publication states.

Allan was appointed as chairman of Tesco during one of the chain’s biggest crisis. The discovery of an accounting black hole in 2014 raised genuine questions about the company’s survival.

The oversight that led to a £ 4 billion drop in Tesco’s market value and the suspension of four senior executives.

However, the executive helped to stabilize the company, overseeing the sale of several large overseas businesses and rebuilding its market share in the UK.

The official hunt to identify the company’s next chairman is set to begin early in 2023. The process will be led internally by Byron Grote, the former BP finance chief, who is due to step down from the Tesco board next year as well.

Tesco remains the largest food-retailer in Britain, despite the pandemic and surging grocery prices due to inflation during the past year.