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He is due to retire in March next year to be replaced by Philip Clarke, while a number of other changes will also take place at board level.
The news caused concern among shareholders and, by 10:35 BST, Tesco's stock was down 10.95p to 396.15p, having ended on 407.10p yesterday.
In a statement, Mr Leahy said he feels he has almost completed the objectives he laid out when he took the potion 14 years ago.
"I wanted to develop a purpose and values that could sustain Tesco through its challenges and encourage and grow future leaders," he remarked adding that among his aims were to make the firm the market leader in the UK and expand internationally.
Chairman David Reid praised Mr Leahy stating he has made an "unrivalled contribution" to the firm during his time in the position.
Posted by Greg Secker
