Moving on

Moving on
on July 11, 2014 in News




Marks and Spencer’s chief financial officer Alan Stewart is to leave the High Street retailer to join supermarket giant Tesco.

Mr Stewart’s basic remuneration will jump from £579,000 at M&S to £750,000 at Tesco.

The announcement comes in the week M&S reported its 12th consecutive drop in quarterly sales of general merchandise.

Mr Stewart will work out a six-month notice period.

On his appointment to Tesco, he will receive share awards worth £1.737m, to make up for deferred share awards from M&S that he will forfeit.

Mr Stewart will join the board of Tesco and is also due to join the board of drinks giant Diageo as a non-executive director in September.

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.”

Before joining M&S, Mr Stewart worked at companies including HSBC and WH Smith.

Both M&S and Tesco have faced retail challenges for a number of years.

M&S chief Mark Bolland said sales in clothing and homewares were “not good enough”


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