28th Jul 2014 16:19
LONDON (Alliance News) - British supermarket chain Tesco PLC said Alan Stewart, currently Marks and Spencer Group PLC's chief financial officer, with join its board with effect from December 1.
Tesco confirmed earlier this month that it had poached M&S CFO Stewart to assume the same role at the UK's biggest supermarket chain. However M&S at the time neither confirmed the departure date of Stewart or on what terms.
In a statement Monday, M&S said that Stewart will formally terminate his employment at the company following a period of garden leave by December 1.
"In accordance with the M&S termination policy... all outstanding unvested awards made to Alan Stewart under the Defined Share Benefit Plan and the Performance Share Plan will lapse on termination. M&S will make no remuneration payments in lieu of notice or otherwise to Mr Stewart from the termination date," M&S said in its statement.
M&S also announced that it has appointed Carl Dawson, who will join the business from Tesco, as IT Director from September 1.
The arrival of Stewart to Tesco's management team comes at the same time Chief Executive Philip Clarke leaves the supermarket chain, to be replaced by Dave Lewis from consumer goods giant Unilever PLC. Clarke will leave Tesco as CEO on October 1.
Pressure has piled up on Tesco's management team, including outgoing Clarke, following the departure of former finance director Laurie McIlwee earlier in the year, and a profit warning only last week that first-half sales and trading profit are "somewhat below expectations."
Tesco shares were down 0.8% at 268.24 pence before market close Monday, while Marks and Spencer shares were down 0.3% at 437.30 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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