Monday 7th April, 2014

Tesco announced on Friday that their Chief Financial Officer, Laurie McIlwee has decided to step down. The annoucement follows last month's news that the supermarket's market share had shrunk to 27% - its lowest level for almost 10 years.

"I am proud of what we have achieved at Tesco over the last few years," Mr. McIlwee said in a statement. "However, after 14 years at Tesco I feel that now is the right time for me to pursue new opportunities."

Laurie McIlwee began his career with Tesco in 2000 when he left PepsiCo for the role of Tesco UK Finance Director and after four years, became Distribution Director. He was appointed to the board on 27 January 2009 as Chief Financial Officer.

Pressure had been growing on McIlwee in the run up to this month's full year results, where the supermarket is expected to announce its second consecutive fall.

After years of dominance, Tesco growth has recently lagged behind its rivals made up of some top supermarkets in the UK, US and France.

Tesco is scheduled to report its full-year results on 16th April.

McIlwee has agreed to stay until a replacement can be found, which the company has said may come from within, or outside the organisation.