The finance chief who helped steer Tesco, Britain's biggest retailer, from the depths of an accounting scandal to a successful turnaround, is to leave the group next April, the retailer has announced.
Tesco was on its knees in September 2014 when Alan Stewart left Marks & Spencer to join the supermarket group as chief financial officer. The accounting scandal knocked millions off Tesco's profits and billions from its share price.
Stewart will retire from Tesco on April 30 2021.
Corporate Restructuring
"He has led the corporate restructuring, rebuilt the balance sheet, guided Tesco back to investment grade and played a huge role in the financial transformation of the business in the last six years," Tesco said.
It said the board will now conduct a thorough search both internally and externally to identify a successor.
Stewart will depart Tesco six months after current chief executive Dave Lewis leaves. Lewis, CEO since 2014, is due to step down in October and be replaced by Ken Murphy, a former executive at healthcare group Walgreens Boots Alliance.
Tesco said Stewart has been granted "good leaver" status for his 2017-18, 2018-19 and 2019-20 deferred bonuses and his 2018, 2019 and 2020 performance share plan (PSP) grants.
The status is conditional on Stewart not taking up employment as a director, consultant or adviser with a list of retail sector competitors for six months after he leaves Tesco.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
