Marks & Spencer finance boss Alan Stewart joins Tesco two months early following £250m profit overestimate

Alan Stewart will assume his new role as chief financial officer of Tesco from today – over two months earlier than originally planned.

 

Yesterday, the troubled retailer reported it had overstated its first-half profit expectations by £250m, leading to its biggest share price fall in 11 years.

 

In July Stewart announced his plan to leave M&S, where he currently holds the equivalent role. He has been at M&S for four years.

 

The move was originally planned to take place on 1 December, but the transition has been sped up in light of recent events. 

 

“M&S will make no remuneration payments in lieu of notice or otherwise to Mr Stewart from this termination date,” M&S said in its report.

 

Tesco's new chief executive Dave Lewis also had to join the company a month earlier than was originally planned. He took up the role on 1 September – three days after the company issued its third profit warning in eight months.