Higginson to step down from Tesco board

FORMER TESCO finance director Andrew Higginson is to step down from the company's board after 14 years.

CIMA-qualified Higginson, chief executive of retailing services at the grocery giant, will retire on 1 September 2012 to pursue the "next phase" of his career.

He served as finance and strategy director between 1997 and 2008, and was awarded Accountancy Age's outstanding industry contribution award in 2006.

"I'd like to thank Andy for his contribution to the growth of Tesco over the last 14 years. Andrew was an outstanding finance and strategy director from 1997 until 2008," said Tesco chief executive Philip Clarke.

Clarke added: "I respect Andy's decision to move on and am grateful that he has given me sufficient notice to effect proper succession planning."

Higginson said: "I have had a wonderful career with Tesco and am very proud of the part I have played in the company's success.

"Next year, I will be 55 and will have completed 15 years on the board of this great company. We will have completed the creation of the bank as a standalone entity and that seems an appropriate moment to hand over and move on to the next phase of my career."

Higginson has held a number of senior finance roles, including three years a Burton's group finance director, four years at Laura Ashley holdings as finance director between 1990 and 1994, and finance director of Guinness Brewing International.