Tesco rushes in new finance director after reporting disaster sinks shares

clock

Tesco has announced its new finance director is to start the job immediately, bringing forward the appointment by two months after it yesterday revealed it had overstated half-year profits by £250m.

The company said in a stock exchange announcement Alan Stewart, who joins from Marks & Spencer, would start today rather than on the 1 December as previously planned. Stewart - a veteran who has spent years in the industry and also had stints at HSBC and WH Smith - has been parachuted in ahead of schedule after the supermarket giant yesterday revealed it had overstated its expected profits for the six months to 29 August by a quarter of a billion pounds. It said the error was largely due to the accelerated recognition of commercial income and delayed accrual of costs. In a conferen...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Equities

Partner Insight: Playing Defence with Dividends

Partner Insight: Playing Defence with Dividends

Today’s equity markets are characterised by bouts of volatility, spurred by geopolitical tensions and macroeconomic uncertainties, mainly due to the start-stop nature of the US-initiated global trade war. This has investors seeking strategies that offer...

Reineke Davidsz and Najib Nakad @ VLK Investment Management
clock 10 July 2025 • 3 min read
Stock pickers urge caution over rapid return to US equities

Stock pickers urge caution over rapid return to US equities

Quilter and Fidelity

Linus Uhlig
clock 01 July 2025 • 1 min read
Deep Dive: US equities may not have peaked but do require greater selectivity

Deep Dive: US equities may not have peaked but do require greater selectivity

Amid equity rebalancing

Linus Uhlig
clock 13 June 2025 • 4 min read
Trustpilot