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LONDON (Alliance News) - Tesco PLC confirmed Thursday it has poached Marks and Spencer Group PLC's chief financial officer, Alan Stewart, to assume the same role at the UK's biggest supermarket chain.
British high-street retailer Marks and Spencer said in a short statement Thursday that Stewart has stepped down, although the date of his departure and on what terms are yet to be agreed.
Shortly after, Tesco issued a statement saying that Stewart will join its board as chief financial officer, following "satisfaction of existing contractual obligations". Sky News had earlier Thursday reported the expected move.
Stewart will fill the boots of Laurie McIlwee, who stepped down as Tesco's chief financial officer earlier this year to "pursue new opportunities". Stewart will be getting a basic salary of GBP750,000 a year plus shares.
"When we set out on this search, we wanted a candidate who had the right blend of experience, leadership and values to play a leading role in the transformation of Tesco. We have found all three in Alan," said Tesco Chief Executive Officer Philip Clark in a statement.
"I am looking forward to working alongside him, and I know Tesco will benefit from the breadth and depth of his experience," Clarke added.
Pressure has piled up on Tesco's management team, including Clarke, with the recent departure of McIlwee and after reporting another drop in annual group trading profit for its most recent financial year, as it saw falling sales in the UK and Europe.
The departure will come as a blow to food, clothing and homewares retailer M&S, which appointed Stewart as finance director in 2010, and had recently added property to his responsibilities as part of his financial asset management role, following a management re-jig.
Prior to that, Stewart was chief financial officer at WH Smith PLC. Stewart also is set to join the board of spirits giant Diageo PLC in September as a non-executive director.
M&S said it is already looking for a successor to replace Stewart.
Tesco shares were up 0.6% at 281.00 pence at midday Thursday, while M&S shares were down 0.2% at 417.10 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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