Tesco preparing for exit of CFO Laurie McIlwee

TESCO chief financial officer Laurie McIlwee could leave the supermarket giant within months amid rising tensions with its chief executive and declining sales, according to reports.

The retailer is understood to have held discussions at a senior level about McIlwee’s position following a recent investor presentation at which it ditched a key profit margin target, Sky News reported.

A formal search for a new finance director is not yet thought to be underway, but senior sources said told Sky News that McIlwee’s exit was now “more likely than not” at some stage this year.

McIlwee, who has in the past been the focus of doubts expressed by unidentified City investors, is said to have an uncomfortable working relationship with Philip Clarke, Tesco’s chief executive.

Tesco refused to comment.