Tesco’s financial officer is called in months early

Alan Stewart, former finance director of Marks and Spencer, will start work today at Tesco
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Tesco has pushed forward the start date of chief financial officer Alan Stewart by more than two months, as he begins with immediate effect. 

Stewart has been in the same role at Marks & Spencer for the past four years.

He was due to join Tesco on 1 December, but negotiations with Marks and Spencer allowed his start sate at the supermarket to be brought forward.

His early employment comes after the struggling supermarket giant uncovered a “serious issue” with accounts, and suspended four executives as a result of this.

The company estimated there had been an overstatement on profits for the past six months by £250m.

It has enlisted Deloitte to carry out an investigation into the issue, who will work alongside the company’s lawyers at Freshfields.

Shares have continued to fall from 229p on Friday, to 195p Tuesday afternoon. 

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