Tesco's share price has taken its biggest one-day hammering in more than two years after it confirmed it was slashing its trading profit forecast following a sales slump.
The supermarket chain, which has seen its position as the UK's market leader slowly eroded amid a price war with rivals, said its new chief executive Dave Lewis would now start work on September 1 - a month early.
He replaces Philip Clarke who paid the price for a string of problems with the company's UK offering.
Tesco, which issued a profit warning in July, said Mr Lewis would review all aspects of the business.
It now expected trading profit for 2014/15 to be in the range of £2.4bn to £2.5bn, compared with an analyst forecast of around £2.8bn.
Dave Lewis will review Tesco's business The group also cut its interim dividend by 75% to 1.16p-per share - a move that will hit many pension funds and confirmed that its store refresh programme - ordered by Mr Clarke as part of efforts to improve Tesco's customer appeal - would be slowed.
It said the move would hold back £400m from its planned annual capital expenditure.
Tesco said: "The combination of challenging trading conditions and ongoing investment in our customer offer has continued to impact the expected financial performance of the group."
Chairman Sir Richard Broadbent added: "The board's priority is to improve the performance of the group.
"We have taken prudent and decisive action solely to that end."
Tesco's shares opened almost 9% lower - while those of its rivals also suffered when the FTSE 100 opened for business.
Sainsbury's lost more than 5% while Morrisons' value slipped by 3.5%.
Asda is owned by US retailer Walmart and not listed in London.
The problems at Tesco underline a big challenge for the so-called 'Big Four' from hard discounters.
According to industry figures by Kantar Worldpanel released earlier this week, Tesco sales declined 4% in the 12 weeks to August 17 compared to the same period last year.
Kantar estimated the drop in sales lost Tesco £300m.
Morrisons has also been suffering in the battle with Aldi and Lidl, with Asda the only member of the Big Four to be growing its share.
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