Ken Hanna, Cadbury’s much-respected CFO who resigned last October to become
auto hire company Inchcape’s non-executive chairman next May, has added one more
string to his bow by joining Tesco’s board as a non-executive.
Hanna takes up the role at Tesco weeks before starting work at Inchcape on 14
May. At Tesco, he will be the only non-executive on the board who has joined
directly from a finance role. Joining him as another new non-executive is
Jacqueline Tammenoms, former director for the Netherlands’ ministry of
Hanna and Tammenoms replace Standard Chartered chairman Mervyn Davies, who
left because of the conflict of interest when Tesco went into retail banking –
rivalling his employer’s offerings – and Guardian Media Group chief executive
Carolyn McCall, who left amid the controversy around The Guardian’s reporting of
certain tax avoidance schemes the newspaper had alleged Tesco perpetrated.
Tesco’s non-executive chairman Sir David Reid hailed the arrival to the board
of a “highly respected finance director” who “brings with him considerable
knowledge of both developed and developing markets”.
Hanna leaves Cadbury in April after six years as CFO to take the chair at
Inchcape, where he has already spent six years advising the board as a
non-executive director, chair of its audit committee and a member of its
remuneration and nomination committees.
The CFO is most noted for his tough cost-cutting philosophy and for being part
of the board that secured the successful spin-off of Schweppes from parent
company Cadbury, which came into effect last May. He is also well regarded for
his communication skills, and will also bring to Tesco links to the private
equity world, having served as a partner at Compass Partners.
Hanna joined Avis Europe as finance head in 1984 and has since carved out a
long career in the food and drinks businesses, becoming the CFO for United D
istillers (before parent Guinness was bought by Diageo), pet food-to-flour
manufacturer Dalgety where he later became chief executive and in 2004,
Cadbury Schweppes. He remained CFO for Cadbury after the Schweppes demerger, the
first anniversary of which will coincide with his arrival at Inchcape this year.
There has been speculation about the potential for Hanna to succeed Sir David
as Tesco’s non-executive chairman when his term expires.
Read Financial Director’s exclusive interview with
CFO Andrew Higginson.
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