Tesco has appointed Laurie Mcllwee as its new group finance director with effect from January 27.

Mcllwee has been with the retailer since 2000, most recently as distribution director.

He replaces Andrew Higginson, who is now chief executive of Tesco’s finance arm Retailing Services.

Tesco chief executive Sir Terry Leahy said: "I am delighted that Laurie is joining the Tesco Board. His appointment is a great example of the strong internal talent coming through the business at every level.

"Laurie has a strong track record here and overseas and is highly respected. He has a great grasp not only of finance, but of operations and strategy. His appointment will further strengthen our Board and support our plans for the long-term growth of the Group."

Before joining Tesco, Mcllwee spent nine years at PepsiCo, where he held various overseas and UK-based roles, including Vice President.

Higginson will lead the retailer’s expansion of its services business while retaining responsibilities for Tesco group strategy.

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