Tesco recruits Kingfisher exec as new UK FD

THE RESTRUCTURING of Tesco’s senior management team continues with the recruitment of a new UK finance director.

Bruce Marsh, who has run Kingfisher’s ‘Future Homes’ energy efficiency business, is to take the grocer’s UK FD role.

He takes over from Carl Rogberg, who left the business last year after he and eight other executives were suspended when a £263m overstatement was discovered in its accounts.

Marsh is an experienced finance executive, serving in a number of senior finance roles with Dixons Retail, having qualified with the ICAEW while at EY, according to his LinkedIn profile.

His appointment was announced by CFO Alan Stewart internally last month, according to Sky News. Jo Hartley had served as interim UK FD.

The naming of a new UK FD is a further governance boost for Tesco, which saw ex-BP CFO Byron Grote join its board last month. It fast-tracked the appointment of Stewart, from Marks & Spencer, in September 2014.

However, audit chairman Ken Hanna is to leave following Tesco’s AGM on 26 June. Hanna is one of the UK’s most respected finance chiefs, having served as Cadbury CFO up to its takeover by Kraft.