Tesco has announced that CFO Alan Stewart has decided to retire from the position and leave the company on 30 April 2021.
The company board is now conducting both an internal and external search to identify a successor.
Stewart joined the grocer in 2014, as a member of the board and executive committee and played an “instrumental role” in the turnaround of Tesco, which included leading the corporate restructuring, and rebuilt the balance sheet as well as guiding Tesco back to investment grade.
Dave Lewis, group CEO said: “Alan has been an outstanding leader and partner at Tesco. He has made a huge contribution and on behalf of all of Tesco colleagues I would like to thank him for all he has done.”
John Allan, chairman, added: “Alan has made an impressive and sustained contribution both as CFO and as a board member to Tesco’s turnaround. On behalf of the board I would like to thank him for his continued contribution and, when the time comes, wish him well for the future.”
The news comes as Tesco chief executive Dave Lewis was given a £6.42m pay package, including £4.8m in bonuses.
Lewis, who is set to leave the big four grocer in September, has seen his pay increase by more than a third due to an increase in both annual and share price bonuses to £2.4m each.
Earlier this year, Tesco defended its £635m dividend payout to shareholders, despite it receiving a £585m tax break.