Tesco poaches Marks & Spencer’s financial director

Tesco has raided Marks Spencer for a new financial director, with Alan Stewart set to join a supermarket with a £1.7m golden hello.

The rarely regarded Stewart is to reinstate Laurie McIlwee who quiescent in Apr after a scattered duration in assign of Tesco’s finances.

Stewart, who has been during MS for 4 years, is suspicion to have been captivated to a plea of branch around Tesco. He also hold a financial purpose during WH Smith and brings some sell knowledge to a naked Tesco board.

In April, Tesco reported a second year of descending organisation increase with Tesco CEO Philip Clarke underneath flourishing vigour to detain a descending UK marketplace share as shoppers forsake to cheaper rivals such as Aldi and Lidl. Clarke has betrothed £200m of cost cuts this year and is also pulling by a vital store refurbishment programme.

Stewart’s depart is a blow to MS that final week handed him additional shortcoming for a skill portfolio.

Tesco pronounced Stewart would join a association “following compensation of existent contractual obligations”. The association did not give a start date that could be 6 months divided due to clauses in his MS contract. Stewart is accepted to have already left MS’s London headquarters.

Ougoing financial arch McIlwee quit Tesco after months of conjecture about his destiny and amid reports of disagreements over plan with Clarke. McIlwee had a moving attribute with a City with some analysts vicious of his financial forecasts. This year’s annual news suggested that McIlweee, who has been given a pretension “CFO emeritus”, will accept a nearby £1m golden goodbye when he departs in October. He earns a income of £886,420.

Said Clarke: “When we set out on this hunt we wanted a claimant who had a right mix of experience, care and values to play a heading purpose in a mutation of Tesco. We have found all 3 in Alan. we am looking brazen to operative alongside him and we know Tesco will advantage from a extent and abyss of his experience.”

His comments were echoed by a Tesco chairman, Sir Richard Broadbent, who said: “I am gay to acquire Alan to a Board of Tesco that will advantage from both his estimable sell knowledge and financial expertise.”

Tesco pronounced Stewart would accept a simple income of £750,000 and “standard advantages co-ordinate with his position”. He is also being postulated deputy share awards value £1.7m in lieu of deferred share awards from MS that he will pledge when he leaves a company.

Tesco pronounced dual other performance-related awards were also being taken into comment though declined to give serve details. The full sum of Stewart’s sum arrangement will be disclosed in Tesco’s 2015 annual report.

Stewart, who started his career in investment banking with HSBC, became Thomas Cook’s arch financial officer in 1998; 3 years after was allocated a UK arch executive. From there he changed to WH Smith as organisation financial executive where he worked alongside Kate Swann to urge a company’s performance. He left in 2008 to join aircraft leasing business AWAS.

In a apart statement, MS reliable Stewart’s depart and pronounced it was already looking for his replacement. “Alan has stepped down from a house and will leave MS on a date and on terms to be agreed,” it said. “The hunt for his inheritor is already underway.

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