Tesco bank boss signals intention to quit

24th Aug 2011 06:59

Andrew Higginson, chief executive of Retailing Services at supermarket giant Tesco, is heading for the check-out counter next year.The 54-year-old Higginson intends to retire from the Tesco board and executive committee on 1 September, 2012, after 14 years with the company, including a 12-year stint as Finance and Strategy Director."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," said Tesco's chief executive officer, Philip Clarke.Higginson said that by next year Tesco will have completed the creation of the Tesco bank as a standalone entity, "and that seems an appropriate moment to hand over, and move on to the next phase of my career."