Tesco has successfully headhunted Alan Stewart from Marks & Spencer to become its finance director.
The highly-reputed Stewart, who will replace Laurie McIlwee, has also held the role of finance director at WH Smith, and will move from his position of chief financial officer at M&S.
In April, Tesco reported a second successive year of falling group profits with its CEO Philip Clarke under increasing pressure to stop the rot of a falling UK market share, as shoppers flocked to cheaper rivals such as Aldi and Lidl.
On Stewart's appointment, Clarke said:
"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. I am looking forward to working alongside him and I know Tesco will benefit from the breadth and depth of his experience."
These sentiments were shared by Sir Richard Broadbent, who stated:
"I am delighted to welcome Alan to the Board of Tesco which will benefit from both his substantial retail experience and financial expertise."
In a separate announcement, M&S confirmed Stewart's departure, and said it was searching for a replacement. "Alan has stepped down from the board and will leave M&S on a date and on terms to be agreed," it said. "The search for his successor is already underway."
© 2014 European Supermarket Magazine by Peter Donnelly
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