Alan Stewart, chief financial officer at Marks & Spencer, is leaving the struggling retailer for supermarket giant Tesco, it was announced yesterday.
Stewart will fill former Tesco CFO Laurie Mcllwee’s shoes at the retailer, where his pay packet is set to rise from £579,000 to £750,000 a year.
Mcllwee stepped down from his role at Tesco in April after 14 years with the retailer.
Speaking about the appointment yesterday, 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.”
M&S confirmed Stewart’s departure, adding the search for his successor had begun. Stewart has been CFO at the retail group since October 2010 and has a reputation for keeping tight control of the purse strings.
He has previous experience working with high-street retailers, including as group finance director at WH Smith. Stewart started his career working for investment bank HSBC.
The loss of Stewart represents a further blow to Marks & Spencer after a number of other big names left the group earlier this month. It announced five executives would be taking on extra responsibilities following the departure of international director Jan Heere.
The changes come as M&S announced the 12th consecutive drop in quarterly sales of general merchandise earlier this week.