Andrew Higginson, the Tesco director who spearheaded the supermarket's move into banking, is to step down next year.
Chief executive Philip Clarke says: "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. He also made an important contribution to our moves into Asia and onto the internet. From 2008 in his Services role he has led the development of Tesco Bank and the extension of our online offer both to general merchandise and clothing and to Korea and Ireland. I respect Andy's decision to move on and am grateful that he has given me sufficient notice to effect proper succession planning."
Higginson comments: "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."
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