Chief Executive Officer Terry Leahy will step down in March 2011 after 14 years.

Leahy, 54, will “concentrate mainly on private investment” after retiring, he said today.

“When I became CEO I had a plan,”

“It has taken 14 years but that strategy has become a firm reality now and so I feel my work is almost complete. I am delighted Phil Clarke has accepted the role of CEO.”

The plan? According to Wikipedia: “Tesco was a resolute market follower of the two leading brands, Marks & Spencer as the then world’s most profitable retailer, and Sainsburys as the world’s most profitable food retailer. Leahy concluded that Tesco should stop following a strategy of catch-up and start leading through market knowledge, which lead to his success in devising and implementing the Tesco Clubcard loyalty program and also successfully monitoring the shopping habits, movements, and political opinions of Clubcard holders.”

Leahy leaves on a high note with a solid payout to go with it, his salary and bonus was £5.2m last year after bumper profits for the business.

Tesco shares fell as much as 2.5 percent/10 pence, in early trading.