Tesco's speeds in new CFO from M&S amidst profit inquest

Tuesday, 23 September 2014

Tesco brought forth the starting date of its new chief financial officer, Alan Stewart, to Tuesday, after coming to an accord with Marks & Spencer to end his contract early.

The early start of Stewart comes amidst UK's largest retailer's accounting crisis which saw Tesco's half-year profits overstated by 250 million pounds. Stewart was reportedly on gardening leave with M&S and not set to begin work at Tesco until December 1.

However following the exit of Tesco's former CFO Laurie McIlwee a week ago, combined with the what could be Tesco's biggest accounting issue to date and the suspension of four senior directors, the group decided to bring in Stewart earlier.

According to various news reports, Tesco's CEO Dave Lewis made a personal appeal to M&S's head Marc Bolland to approve of Stewart premature departure from the company. “It was a request from Dave to Marc... We felt it was the right thing to do,” said a company spokesman from M&S to Reuters, adding that Tesco did not pay any compensation for Stewart's early release.

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