THE REBUILDING of Tesco has continued, with the appointment of former BP finance director Byron Grote as a non-executive director.
Grote is one of the most senior finance chiefs in the UK. A long-serving oil director, he joined BP through its acquisition of Standard Oil in 1988. After a series of roles he took the CFO post in 2002 – a position he held for 11 years.
His appointment as a non-exec, from May, is the latest in a series of board changes at Tesco following its governance, accounting, and market travails. New CFO Alan Stewart was parachuted in from Marks & Spencer two months early, in September, following the discovery of a £263m overstatement. He joined recently-appointed chief executive Dave Lewis.
Grote’s appointment is described by Tesco in its stock exchange announcement as bringing “extensive executive and non-executive financial and strategic experience to the board”.
Other non-execs, including Gareth Bullock and Jacqueline Tammenoms, are to leave the retailer. A number of UK directors, including UK FD Carl Rogberg, have also left Tesco, in the wake of its problems.
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