Tesco looks for new CFO as Alan Stewart retires

Tesco is looking for a new chief financial officer after Alan Stewart decided to leave the supermarket group.

Stewart will retire from the UK's biggest retailer on 30 April when he will have been in the job for more than six years. His decision means Tesco's top two executive jobs will change hands during a turbulent time for retailers with Chief Executive Dave Lewis due to step down in October.

Stewart joined Tesco in 2014 from Marks & Spencer at the same time as Lewis. He worked with Lewis to deal with an accounting scandal they inherited, cut thousands of jobs and reduce costs at the company.

Lewis said: "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."

Lewis announced his surprise departure in October 2019. Ken Murphy will join Tesco from Walgreens Boots Alliance to replace him in October and guide the FTSE 100 company through the Covid-19 crisis and its aftermath. Stewart's decision also caught analysts unaware.

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."

Shares of Tesco fell 0.6% at 08:42 BST with the FTSE 100 up 0.3%.

Tesco said Stewart would be classed as a "good leaver". He will receive his salary and be eligible for a bonus for the current financial year. He will also be eligible for three years of deferred bonuses and performance-related share awards. To receive the awards he will not be allowed to join a retail rival for six months after his departure.

Stewart said: "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."