Tesco addresses financial woes with appointment of M&S’s Alan Stewart to chief financial officer role
Tesco has hired Alan Stewart as chief financial officer in a bid to address its declining sales performance - the worst for 40 years - and shrinking share price.
Stewart has joined from M&S where he held the same position for the past four years.
He has also been CFO and CEO at Thomas Cook, Group CFO at WH Smith and CFO at AWAS, an aircraft leasing business. He is also set to join the board of drink giant Diageo as non-executive director in September this year.
“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 chief executive Philip Clarke. “I am looking forward to working alongside him and I know Tesco will benefit from the breadth and depth of his experience."
Tesco reported a 1.9 per cent fall in sales and saw its market share decline from 30.3 per cent to 28.9 per cent earlier this year.
He will join the board of Tesco “following satisfaction of existing contractual obligations” and receive a basic annual salary of £750,000 and standard benefits commensurate with his position.
Stewart replaces Tesco’s outgoing CFO Laurie McIlwee.