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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Tesco PLC    TSCO   GB0008847096


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Finance chief who guided Tesco from scandal to turnaround to retire

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06/02/2020 | 05:51am EDT
FILE PHOTO: Tesco Chief Financial Officer, Alan Stewart speaks at an analyst presentation in London

By James Davey

Tesco's finance chief, who helped steer the group from an accounting scandal to a successful turnaround, is to retire, setting the stage for an entirely new top executive team at Britain's biggest retailer by next May.

Alan Stewart will depart next April, Tesco said on Tuesday, six months after CEO Dave Lewis is due to step down and be replaced by Ken Murphy, a former executive at healthcare group Walgreens Boots Alliance.

Tesco was on its knees in September 2014 when Stewart left Marks & Spencer to join the supermarket group as chief financial officer. The accounting scandal knocked millions off Tesco's profits and billions from its share price.

In April 2015 the group reported an annual loss of 6.4 billion pounds ($8 billion), one of the biggest in British corporate history.

But by October last year Lewis, CEO since 2014, declared Tesco's turnaround complete and this April it reported annual core profits of 3 billion pounds ($3.8 billion).

"Along with Dave Lewis, he (Stewart) is a key component in effectively saving Tesco," said Shore Capital analyst Clive Black.

Shares in Tesco were down 1.8% at 0852 GMT, extending 2020 losses to 10.7%.

Tesco said in its statement that Stewart had led its corporate restructuring, rebuilt its balance sheet, guided it back to investment grade and played a huge role in the financial transformation of the business in the last six years.

Stewart will leave on April 30, 2021, and the board will now conduct a thorough search both internally and externally to identify a successor, it said.

That means from May 2021, Tesco Chairman John Allan will have a totally new main board executive team.

Tesco said Stewart has been granted "good leaver" status for his various deferred bonuses and share schemes, conditional on him not taking up employment as a director, consultant or adviser with retail sector competitors for six months after he leaves.

($1 = 0.7991 pounds)

(Reporting by James Davey; editing by Sarah Young and Susan Fenton)

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JUST GROUP PLC 0.32% 50 Delayed Quote.-36.91%
MARKS & SPENCER GROUP PLC -1.07% 97.98 Delayed Quote.-53.61%
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Sales 2021 58 842 M 74 129 M 74 129 M
Net income 2021 1 103 M 1 390 M 1 390 M
Net Debt 2021 9 546 M 12 026 M 12 026 M
P/E ratio 2021 18,9x
Yield 2021 3,90%
Capitalization 20 873 M 26 307 M 26 296 M
EV / Sales 2020
EV / Sales 2021 0,52x
Nbr of Employees 405 506
Free-Float 97,7%
Duration : Period :
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Technical analysis trends TESCO PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 278,81 GBX
Last Close Price 214,40 GBX
Spread / Highest target 46,9%
Spread / Average Target 30,0%
Spread / Lowest Target 2,61%
EPS Revisions
David John Lewis Group Chief Executive Officer & Director
John Murray Allan Non-Executive Chairman
Antony John Hoggett Chief Operations Officer
Alan James Harris Stewart Chief Financial Officer & Executive Director
Guus Dekkers Chief Technology Officer
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