Former M&S chief finance officer Alan Stewart is expected to start his new role at Tesco two months early after his employment with Marks & Spencer was formally ended today, following a period of gardening leave.
M&S announced on July 10 that Stewart would be leaving the retailer to join Tesco, replacing finance director Laurie Mcllwee, who announced his departure from Tesco in April. Stewart had been on gardening leave since the announcement.
The formal termination of his contract with M&S comes after Tesco revealed yesterday that it had overstated its profit forecast for the first half of the year by £250m. The news sparked an investigation into accounting at the grocer and four executives, including its UK managing director Chris Bush, have been suspended.
M&S said today that it will make no remuneration payments in lieu of notice or otherwise to Stewart from this termination date.