THE BOARDROOM clear out at supermarket giant Tesco continued yesterday, while high street icon M&S announced a new board role for its current chairman.
Tesco, the UK’s biggest retailer, said non-executive director Gareth Bullock would retire from the main board today, but remain on the board of Tesco Bank.
The company beefed up its board yesterday with the appointment of Byron Grote, an ex-BP chief finance officer, as a non-executive director from 1 May.
Tesco’s board composition has changed dramatically in the wake of last year’s four profit warnings and a £263m profit overstatement that sent its shares to a 14-year low and drew stinging criticism of the board’s financial oversight.
Further non-executive changes were made last week.
Meanwhile, M&S chairman Robert Swannell is joining the company’s remuneration committee after changes to the non-executive board. The move has been prompted by the departure of SABMiller chairman Jan du Plessis, who stepped down from the M&S board yesterday.
Du Plessis will be replaced by Vindi Banga, chairman of the remuneration committee and non-executive director since 2012.