M&S CFO Alan Stewart poached by Tesco

Marks & Spencer chief financial officer Alan Stewart is set to join rival British retailer Tesco in the same role.

Stewart’s basic salary will jump from £579,000 at M&S to £750,000 at Tesco.

The news comes just three days after M&S recorded its twelfth consecutive quarter of declining like-for-like clothing sales.

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Stewart will fill the vacant post left by departing CFO Laurie McIlwee, who announced his intention to leave the company in April after 14 years in the role.

He will join the supermarket operator once he completes his contractual obligations at Marks & Spencer.

Tesco Philip Clarke CEO said: "When we set out on this search we wanted a candidate who had the right blend of experience, leadership and values to play a leading role in the transformation of Tesco. We have found all three in Alan. I am looking forward to working alongside him and I know Tesco will benefit from the breadth and depth of his experience."

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