Tesco’s former finance boss to get £1M pay-off

By Laurence Gibbons

- Last updated on GMT

McIlwee will receive his £1M payoff
McIlwee will receive his £1M payoff

Related tags Chief financial officer

Tesco’s finance director, Laurie McIlwee, will receive a £1M pay-off when he leaves the retailer next week (October 3), despite the business overestimating its half-year profits by as much as £250M.

As a result, the retailer launched an investigation and suspended four of its top executives​ – believed to be UK md Chris Bush, UK financial director Carl Rogberg, food commercial director John Scouler and head of food sourcing Matt Simister – earlier this week.

McIlwee’s pay-off will comprise a base salary of £886,420 and payment in lieu of prescribed benefits of £84,460 made up of staff discount (£1,000), private healthcare and health insurance (£3,000) and car and car-related benefits (£80,460).

No additional amount will be paid in respect of pension.

Performance conditions

His additional share incentives benefits will be treated in accordance with the rules of the applicable plans and will remain subject to the terms contained therein and relevant performance conditions being met.

McIlwee left the retailer​ on April 4 2014.

Earlier this week, his replacement Alan Stewart was forced to start his role​ as chief financial officer three months earlier than previously planned amid the controversy.

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