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M&S finance director checks out FORTESCO role [Western Mail (Wales)]
[July 11, 2014]

M&S finance director checks out FORTESCO role [Western Mail (Wales)]


(Western Mail (Wales) Via Acquire Media NewsEdge) mark's & SPENCER'S embattled boss Marc Bolland suffered a fresh blow yesterday as it emerged finance director Alan Stewart was defecting to Tesco.

The announcement came two days after Marks revealed it had suffered a 12th quarter in a row of falling sales in its clothing and homeware division.

In a brief statement, M&S said Mr Stewart had stepped down from the board and would leave the company on a date and on terms to be agreed.

"The search for his successor is already under way," the group said.

Mr Stewart is moving to Tesco after its long-serving finance director Laurie McIlwee announced earlier this year that he was to step down.

Britain's biggest supermarket has been suffering its own difficulties with chief executive Philip Clarke recently admitting its latest sales performance was the worst he had seen in 40 years.



Mr Clarke said Mr Stewart had "the right blend of experience, leadership and values to play a leading role in the transformation of Tesco".

The new finance director will receive a basic salary of Pounds 750,000, up from Pounds 579,000 at his current employer, as well as a Pounds 1.7m share award to replace a deferred share award from M&S that he will forfeit when he joins Tesco.


Mr Stewart appeared at Marks' annual general meeting alongside Mr Bolland earlier this week.

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