LONDON, April 4 Tesco's under-fire
finance chief Laurie McIlwee quit on Friday days before
Britain's biggest retailer is expected to announce another sharp
decline in profitability and following months of speculation
about his future.
Tesco, the world's third-largest retailer which has been hit
by fierce competition, said McIlwee has decided to step down
from the board and resign from the company but had agreed to
remain in his role to ensure a smooth handover to his successor.
"The board is commencing a process to find a new chief
financial officer with both internal and external applicants
being considered," it said.
McIlwee became CFO in January 2009 and had been with the
retailer since 2000. He had been the only other executive
director on the board alongside Chief Executive Philip Clarke.
(Reporting by James Davey; Editing by Neil Maidment)