Alan Stewart appointed new Tesco Plc CFO
14 July 2014
Tesco PLC has announced Alan Stewart will join the board of Tesco as chief financial officer.
Stewart has extensive financial experience in retail as CFO at Marks & Spencer and at WH Smith. He started his career in investment banking with HSBC. He later became CFO at Thomas Cook Holdings in 198 and was appointed UK CEO in 2001. Stewart moved to WH Smith as Group CFO where he worked with Kate Swann to improve the company’s performance. In 2008 he was appointed CFO at AWAS, a leading aircraft leasing business, moving to M&S in 2010. He is joining the Board of Diageo plc as non-executive director in September 2014.
He will join Tesco following satisfaction of existing contractual obligations.
Phillip Clark, chief executive officer, said:”When he set out on this search we wanted a candidate who had the right blend of experience, leadership and values to play a role in the transformation of Tesco. We have found all three in Alan.”
On appointment Stewart will receive a basic annual salary of £750,000 and standard benefits commensurate with his position. He will be granted replacement share awards with a value of £1.737 million in lieu of his deferred share awards from M&S plc that will be forfeit when he joins Tesco. They will rest in line with the existing awards. Two further awards (2014 annual bonus and 2011 PSP) will be taken into account. Full details of his total remuneration will be disclosed in the 2015 annual report