Tesco veteran David Potts is to stand down from the grocer after 13 years on its board.

The chief executive of Tesco’s Asia business is to “retire from Tesco in order to begin to fulfil long held personal ambitions”, according to the retailer.

Potts, who has notched up 39 years service at Tesco, will be replaced as chief executive of Asia by Trevor Masters, who currently leads its business in Europe. 

Gordon Fryett replaces Masters. Fryett will continue to hold his existing group property accountabilities.

Group chief executive Philip Clarke said: “I have worked alongside David for most of his time at Tesco. 

“I want to thank him for his commitment to, and relentless efforts on behalf of, our customers and colleagues and to do so on behalf of everyone at Tesco.

“David has been an incredible servant to the company and an inspiration to thousands of our leaders, whose own careers are flourishing because he played his part in developing many of the programmes which made the Tesco retail team amongst the most admired in the world.

“I wish him and his family all the very best in their future together.”

Potts will retire on June 30 and will work on a smooth transition with his successor.