Sir Terry Leahy has secured a swift return to the corporate arena after bagging an advisory role with US private equity group Clayton Dubilier & Rice.
The former Tesco chief executive handed over the reins to Philip Clarke in March and had previously indicated he would concentrate on investing in smaller businesses.
Clayton Dubilier & Rice is among the bidders for the RAC and owns car rental company Hertz.
“There are only three categories [of adviser]: full-time, window-dressing and putting in enough hours to make a meaningful contribution,” Sir Terry said. “This is in the last category.”
The role for Sir Terry mirrors a similar appointment for Sir Stuart Rose, who joined Bridgepoint Capital as an adviser after concluding his tenure as Marks & Spencer boss.
Daily Bread: Terry, we hardly knew ye (1 March 2011)
Hot Topic: Farewell to the quiet but forceful man who turned Tesco into a global giant (28 February 2011)
Rose set for private equity role (14 September 2010)