OFF BALANCE was recently hob-nobbing with a finance bod who described the ‘invisible’ job of the CFO post-acquisition. The FD was talking about all the nuts and bolts integration work that often goes unnoticed once the glory of the deal has faded.
Tesco, it seems, have taken a more literal approach. According to a report by Reuters, Britain’s biggest retailer has had to remove a photo from its corporate website of newly-appointed FD Alan Stewart after rival Marks & Spencer complained he was still technically their employee. Now that’s rubbing salt in the wound.
According to the report, Tesco had earlier shown a head and shoulder pic of Stewart, who it described as ‘chief financial officer’. The pic has since disappeared and Stewart is now described as ‘incoming CFO’.
Both M&S and Tesco declined to comment, but it brings a whole new meaning to the CFO’s lot as an invisible board member.