Tesco finance head Alan Stewart steps down

2 June 2020

Alan Stewart has decided to retire as chief financial officer at the UK's largest supermarket.

Stewart, who has been in the role for five years, will step down from Tesco in April next year.

Stewart joined from Marks & Spencer at a difficult time for Tesco. Back in 2014 a major accounting error dented the company's profits and knocked billions from its share price.

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, knowing that the business is in a strong position as we move forward."

John Allan, Chairman, 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."

Tesco, whose chief executive Dave Lewis is due to leave in October and be replaced by Ken Murphy, said it will now conduct a thorough search both internally and externally to identify a successor.

Stewart began his career in investment banking with HSBC before joining Thomas Cook, where he was appointed UK chief executive in 2001. He also worked for WH Smith prior to his move to Marks & Spencer in 2010.

Tesco said Stewart has been granted “good leaver” status for his performance share plan. The status is conditional on Stewart not taking up employment as a director, consultant or adviser with a list of retail sector competitors for six months after he leaves Tesco.

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