CFO who steered Tesco through turnaround to retire
Stewart "guided Tesco back to investment grade and played a huge role in the financial transformation of the business"
2 June 2020
Alan Stewart, the man praised by Tesco as “instrumental in [its] turnaround” has decided to retire as chief financial officer and will leave the company on 30 April 2021.
The board will now conduct a thorough search both internally and externally to identify a successor.
After joining Tesco in September 2014 and, as a member of the board and executive committee, Tesco said Alan Stewart “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”.
“Alan has been an outstanding leader and partner at Tesco,” said Dave Lewis, Group CEO. “He has made a huge contribution and on behalf of all of Tesco colleagues I would like to thank him for all he has done.”
Alan Stewart said of his time at the company: “Being part of the team that has delivered the turnaround at Tesco and set it up for the next stage means an incredible amount to me. I shall continue to focus on delivering the strategy, supporting the business and my colleagues through the next 11 months, knowing that the business is in a strong position as we move forward.”
Tesco outlined that Alan Stewart will receive basic salary and employment benefits through to his retirement. He will be considered for a bonus award for 2020/21 based on corporate and individual performance. Any awards will be 50% in cash and 50% in shares subject to a three-year deferral period. He will not be eligible for any 2021/22 bonus.
Stewart has been granted “good leaver status” for his 2017/18, 2018/19 and 2019/20 deferred bonuses and his 2018, 2019 and 2020 PSP grants. However, this status is conditional on him not taking up employment as a director, consultant or adviser with a list of retail sector competitors for a period of six months post his departure.