Marks & Spencer CFO Alan Stewart to join Tesco
The supermarket said in a statement that Stewart will join the business “following satisfaction of existing contractual obligations” and will play a leading role in Tesco’s transformation.
In a statement confirming Stewart’s departure, Marks & Spencer said a search for his replacement was already underway.
Stewart joined Marks & Spencer in 2010 from aircaft leasing business AWAS. Prior to that he was group chief financial officer at WH Smith and also previously worked as UK chief executive at travel operator Thomas Cook.
In his new role Stewart will succeed Laurie McIlwee who announced earlier this year that he was to step down.
Commenting on the appointment, Tesco chief executive Philip 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."
Tesco revealed that Stewart will receive a basic annual salary of £750,000. He will also be granted replacement share awards with a value of £1.737 million in lieu of his deferred share awards from Marks & Spencer, which he will forfeit when he joins Tesco.
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