By  on July 10, 2014

LONDON — U.K. supermarket chain Tesco named Alan Stewart its new chief financial officer.

Stewart joins Tesco from Marks & Spencer, where he has held the same title since October 2010.

M&S said Stewart would leave the business on a date and on terms to be agreed, and that the search for his successor “is already underway.”

Tesco said that Stewart would join the firm "following satisfaction of existing contractual obligations."

Stewart replaces Laurie McIlwee as cfo, after McIlwee resigned from Tesco's board in April.

Prior to M&S, Stewart was cfo at AWAS, an aircraft leasing business and before that group cfo at U.K. retailer WH Smith Group.

Tesco said Stewart would receive a basic annual salary of 750,000 pounds, or $1.28 million, and standard benefits "commensurate with his position."

He will also be granted share awards worth 1.7 million pounds, or $3 million, in lieu of his deferred share awards from M&S, which will be forfeited when Stewart joins Tesco.

Tesco noted that full details of Stewart's remuneration package would be disclosed in its 2015 annual report.

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