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26 Sep 2014 11:20am

Former Tesco FD to receive £1m payout

Former Tesco finance director Laurie McIlwee will still receive his £1m pay out, despite the ongoing investigation into a £250m accounting scandal uncovered at the retailer this week, a spokesperson confirmed today

McIlwee stepped down from his position in April, ahead of a suspected fall in profits. A £250m accounting error was exposed this week, prompting the suspension of four senior members of staff and an independent review by Deloitte.

The retailer’s new CFO, Alan Stewart, has cut his garden-leave at former employer M&S short by over two months to take the helm at beleaguered Tesco.

McIlwee was paid in excess of £400,000 a month during the transition period after his resignation. In line with his contract, he will receive a termination payment of £970,800 when the six month transition period comes to an end next week.

Ellie Clayton

 

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