McIlwee to step down as Tesco finance director
Laurie McIlwee has indicated that he is planning to step down as the finance director UK's retail giant, Tesco just days before the company is expected to announce a fall in profits.
Investors had expressed concerns over a fall in the company's profits at its central European unit without prior warnings form McIlwee. Media reports said that McIlwee had disagreements with Chief Executive Philip Clarke and the two had clashed over certain issues. Clarke and McIlwee had different views on the company's new strategy.
Tesco is expected to announce its latest financial results on 16 April, 2014. McIlwee has worked at Tesco for 15 years and has been working as finance director for a period of five years. Many believe that the he is planning to leave the company due to concerns from investors as well as members of the senior management. Some investors were not happy over the way he interacted with them.
Clarke, who has been working as Chief executive officer since 2011, will be the only executive director on Tesco's board after McIlwee leaves the company.
