Tesco confirms finance chief departure

Peter Spence
Follow Peter

Grocer Tesco has confirmed the widely reported departure of its chief financial officer, Laurie McIlwee.

McIlwee has decided to step down from the board and resign, but has agreed to remain in his role to ensure a smooth handover, a statement said.

Chairman Sir Richard Broadbent thanked McIlwee for his contribution, saying that he "has played an important role" over the last 14 years in transforming the retail giant.

Tesco has recently been suffering after the company announced a 70 per cent slump in European trading profits, this past October.

McIlwee said that he was "proud of what we have achieved Tesco over the last few years," but that he feels that "now is the right time for me to pursue new opportunities."