Tesco loses divisional FD to New Look

TESCO has lost a second senior finance executive in quick succession after Mike Iddon, its group finance director for planning, treasury and tax, joined New Look as chief financial officer.

Iddon’s departure is a fresh blow for the retailer after its CFO Laurie McIlwee announced in April that he would be stepping down amid speculation of a rift with chief executive Phillip Clarke over strategy and investor unrest. It caps a miserable week for Tesco, which posted a 3.8% fall in like-for-like sales for the quarter ending 24 May.

He replaces New Look CFO Alastair Miller, who is stepping down after 13 years with the business to concentrate on building a portfolio of non-executive roles.

Iddon has held numerous senior positions in his 13 year career at Tesco and before his current role was the UK FD and a member of the UK leadership team from 2009 to 2012, finance director in Tesco South Korea, group property FD and non-food finance director. Prior to joining Tesco, he held senior positions at Kingfisher and Whitbread.

Commenting on the announcement, Anders Kristiansen, CEO of New Look, said: “We are delighted to appoint Mike as our new CFO. Mike brings with him an excellent track record and also a highly valuable breadth and depth of experience of the retail sector.”

Mike Iddon, CFO designate, commented: “I am very excited to be joining New Look at this pivotal point in its story, as it looks to consolidate its impressive achievements in the last two years and focus on its next phase of growth – both in the UK and internationally. I look forward to working with Anders and the team to help realise New Look’s undoubted potential.”