Tesco FD moves to new CEO role in major shakeup

Tesco’s finance director Andrew Higginson has moved to the newly-created role
of chief executive of retailing services, as the supermarket chain announced a
major new focus on increasing its share of the personal finance market.

Higginson has moved to the new position, following Tesco’s £1bn deal
announced today to purchase RBS’ 50% shareholding in Tesco Personal Finance.

With the retailer looking to double profits from financial services to £1bn
from £400m, Higginson will oversee TPF and Tesco Telecoms in his new role while
retaining his responsibilities for
group strategy.

The wholly-owned TPF business will be led by Benny Higgins as CEO. Iain
Clink, recently head of cards and direct finance at RBS, joins TPF as finance

The search for an FD successor to Higginson is underway.

‘We have become a trusted supplier of innovative products and services
offering great value and I believe Tesco’s special relationship with consumers
will enable TPF, as a wholly owned subsidiary of Tesco, to move its business to
the next level,’ said Tesco CEO Sir Terry Leahy.

Higginson is a keynote speaker at this year’s
Financial Director

Further reading:

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Profile: Andrew Higginson, Tesco
group finance and strategy director

Video exclusive: Andrew Higginson
group FD of Tesco

Tesco’s statement here

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