Tesco has let go of chief executive officer Philip Clarke, replacing him with a Unilever specialist after the company was warned that Clarke would miss another profit forecast.

Clarke is reported to have provided the British retailer company misguided forecasts for the past three years.

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Tesco chairman Richard Broadbent even defended Clarke three weeks ago during the company's yearly shareholder meeting.

However, Broadbent said Monday that it is time to have a new leader "with fresh perspectives and a new profile."

Dave Lewis from Unilever will replace Clarke on Oct. 1.

Clarke has spent over £1 billion pounds on failed investments.

On the other hand, Lewis has been credited to have a series of successful profit revamps on Unilever's consumer goods and personal care products.

Tesco cancelled the party to celebrate Clarke's 40-year tenure with the company.

Business analysts said the change in Tesco's administration could be a good strategy to make the world's third largest retail company win back its customers.

It is expected that the company will try to implement huge price cuts to attract new and old customers.

"A material change in UK trading strategy cannot be dismissed, which is likely to have considerable implications for the rest of the British sector," said Clive Black, of Shore Capital.

The retail company has endured two decades of uninterrupted profit growth.

They began declining during the last few years of former CEO terry Leahy.

Clarke received his first red flag for the profit decline in January 2012.

Clarke started at Tesco as a shelves stacker when he was just a teenager.

He tried to revamp the stores by adding a wide variety of products and investing in virtual shopping technology like the Hudl tablet.

Unfortunately, his efforts did not deem any results.

TagsTesco replaces ceo, unilever executive, profit warning