Tesco board veteran Higginson to step down
Thursday 25 August 2011
Andrew Higginson, Tesco's chief executive of retailing services, shocked the grocery world with his decision yesterday to step down in 2012 after 15 years at the group.
Analysts at Shore Capital said the retirement of the "highly regarded" Mr Higginson next September would be a "loss" to Tesco, following the exit of its former chief executive Sir Terry Leahy in March.
Both played pivotal roles in turning Tesco into the world's third largest retailer by sales, with operations in 14 countries. As head of the group's retailing services division, Mr Higginson oversaw its online operation for grocery and non-food, banking and Dunnhumby, the data insight unit behind Tesco Clubcard.
Arguably the biggest achievement of Mr Higginson, who is chairman of Tesco Bank, was leading its move into mainstream banking via its acquisition of Royal Bank of Scotland's 50 per cent stake in Tesco Personal Finance for £950m in 2008.
Sources said Mr Higginson, who was finance and strategy director after joining Tesco from Burton in 1997 until 2008 , would have been an "outside contender" for the role of chief executive vacated by Sir Terry. But Philip Clarke, the group's former international chief, got the job.
Mr Higginson said: "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." He has received total pay, including salary and bonuses, of more than £5m over the past two years.
Tesco Bank hopes to launch mortgages later this year and current accounts in 2012.
Sales of the tablet are set to fall again, say analysts
World's most lethal spider found under a bunch of bananas
I Am Bread could actually be a challenging and nuanced title
Company decides to go for simply scary after criticising other sites for 'creepy and targeted' advertising
Footage shot by a passerby shows moment an ill man was carried out of his burning home
Peter Biaksangzuala died from his injuries in hospital on Sunday
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Ebola outbreak: What is bushmeat – and is it to blame for the disease that has killed thousands?
- 3 Star Wars memorabilia called a 'bit of plastic' on Antiques Roadshow by Fiona Bruce valued at £50,000
- 4 Meet Thea, Norway's 12-year-old child bride
- 5 Russell Brand might seem like a sexy revolutionary worth getting behind, but he will only fail his fans
Kobani: Fifteen-year-old boy taken captive with suspected jihadist 'shot in the head by militant group' fighting against Isis
Ebola outbreak: What is bushmeat – and is it to blame for the disease that has killed thousands?
Isis fighters 'crucify' 17-year-old boy in Syria
Oscar Pistorius sentencing: Olympic star must serve 10 years, prosecutor urges
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Sorry Judy Finnigan – Ched Evans is no less sickening than an alleyway rapist
Residents should throw a street party and mix with immigrant neighbours, councils told
Workers 'could be forced to pay £5 a week' to get benefits
Russell Brand threatened with arrest after filming outside Fox News headquarters
Amal Alamuddin calls for the return of the Elgin Marbles from Britain: 'Injustice has persisted for too long'
iJobs Money & Business
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...
£27000 - £32000 Per Annum: Clearwater People Solutions Ltd: Our large charity ...