The management overhaul at Tesco is continuing with its long-serving Chief Financial Officer announcing his departure.
Alan Stewart will retire and leave the business on 30 April 2021. He joined Tesco in September 2014 and has played a key role in the company’s turnaround over recent years, leading the corporate restructuring and rebuilding of its balance sheet.
The company stated that it was now conducting both an internal and external search for his successor.
The move comes as Chief Executive Dave Lewis prepares to hand over to former Walgreens Boots Alliance executive Ken Murphy in October.
Under the management of Lewis and Stewart, Tesco has bounced back from the 2014 accounting scandal with a streamlining of business and overhaul of its product offer to combat the discounters. However, the strategy resulted in thousands of job cuts and the withdrawal from some international markets.
Lewis commented: “Alan has been an outstanding leader and partner at Tesco. 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.”
Chairman John Allan added: “Alan has made an impressive and sustained contribution both as CFO and as a Board Member to Tesco’s turnaround. On behalf of the board I would like to thank him for his continued contribution and, when the time comes, wish him well for the future.”
Prior to joining Tesco, Stewart worked with Marks & Spencer, WH Smith and Thomas Cook.
His decision to leave caught analysts by surprise with the group’s share price slipping nearly 1% this morning.
Independent retail analyst Nick Bubb said: “Mighty Tesco has announced, out of the blue, that the well-respected CFO Alan Stewart is to retire in April next year. It is not clear why he has decided to step down, but he is no doubt mindful of the CEO change coming up (new brooms sweep clean etc). He has been there since Sept 2014, so he has done a good stint.”
