Tesco PLC announces that Alan Stewart will join the Board of Tesco as Chief Financial Officer.
Alan 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 became CFO at Thomas Cook Holdings in 1998 and was appointed UK CEO in 2001. From there he moved to WH Smith as Group CFO where he worked alongside Kate Swann to improve the company’s performance. In 2008 he was appointed CFO at AWAS, a leading aircraft leasing business, before 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. Philip Clarke, Chief Executive Officer, 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."
Sir Richard Broadbent, Chairman, said, "I am delighted to welcome Alan to the Board of Tesco which will benefit from both his substantial retail experience and financial expertise."
On appointment Alan 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 £1.737m in lieu of his deferred share awards from Marks & Spencer plc that will be forfeit when he joins Tesco. They will vest 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.