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Tesco boosts board with former BP finance chief

Tesco continues its governance rebuilding process with appointment of Byron Grote

THE REBUILDING of Tesco has continued, with the appointment of former BP finance director Byron Grote as a non-executive director.

Grote is one of the most senior finance chiefs in the UK. A long-serving oil director, he joined BP through its acquisition of Standard Oil in 1988. After a series of roles he took the CFO post in 2002 – a position he held for 11 years.

His appointment as a non-exec, from May, is the latest in a series of board changes at Tesco following its governance, accounting, and market travails. New CFO Alan Stewart was parachuted in from Marks & Spencer two months early, in September, following the discovery of a £263m overstatement. He joined recently-appointed chief executive Dave Lewis.

Grote’s appointment is described by Tesco in its stock exchange announcement as bringing “extensive executive and non-executive financial and strategic experience to the board”.

Other non-execs, including Gareth Bullock and Jacqueline Tammenoms, are to leave the retailer. A number of UK directors, including UK FD Carl Rogberg, have also left Tesco, in the wake of its problems.

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