Director at Burton suits Tesco
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Tesco moved to strengthen its board yesterday when it appointed Andrew Higginson as finance director.
Mr Higginson, 40, finance director of Burton which recently announced de-merger plans, will not join Tesco until 15 November.
Tesco said the appointment would enable David Reid, deputy chairman, to give more focus to corporate strategy as well as the group's operations in Europe and Ireland. Mr Reid's responsibilities include finance and distribution.
Analysts welcomed the appointment, saying Mr Higginson had performed well at Burton and had a high-profile role as chairman of the economic affairs committee at the British Retail Consortium.
He will be replaced at Burton by Nigel Hall, who was appointed to the board yesterday though he will not take up the finance director role until November. Mr Hall, 42, has been at Burton since 1984 and has most recently been finance director of the multiples business which includes Burton Menswear, Top Shop, Top Man and Principles.
The company denied Mr Higginson's departure would disrupt the plans to de-merge Debenhams from the group.
John Hoerner, chief executive, said that while it was a disappointment to be losing Mr Higginson, he was not leaving until November, by which most of the work on the de-merger would be complete.
Mr Hall was recently made director of the de-merger process with responsibility for overall management of the commercial and statutory work. Mr Hoerner said: "Nigel Hall was actually someone I was going to lose in the de-merger because I didn't have a good enough job for him."
Former Tesco chairman Lord MacLaurin said in April that the company was looking to add further directors to its board. Mr Higginson will join one of the country's most successful and aggressive retailers. Tesco has knocked Sainsbury's off its perch to become the UK's largest grocer. The group has expanded into banking as well as operations in Poland, Czechoslovakia and Ireland.
Mr Higginson has played an important part in Burton's recovery over the last few years during which it has re-built margins and transformed Debenhams into a powerful department store business.
However, the shares have had a tougher time recently and the company announced plans to de-merge Debenhams into a separate quoted company last month.
Tesco shares closed 3p higher at 430.5p while Burton shed 1.5p to 128.25p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments