Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Tesco to pay more than £2m to Philip Clarke and Laurie McIlwee

Tesco has agreed to pay more £1.2m to former boss Philip Clarke and almost £1m to ex-finance director Laurie McIlwee as liquidated damages.

At the time of the company’s last interim results, it was noted that the payments were suspended during the investigation into the company’s overstatement of profits last year.

However, the company is contractually committed to make the relevant payment to each former director unless it can legally establish a case of gross misconduct.

Having taken legal advice, Tesco has concluded it does not have the basis for continuing to withhold the payments and the board decided that defending claims for the payments would not be in its best interests.

The Serious Fraud Office is continuing to investigate the commercial income issue. Tesco will review and potentially pursue recovery of the payments to Clarke and McIlwee if new information comes to light.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.