Retailing chief Higginson to leave Tesco

Tesco yesterday announced that long-serving director Andrew Higginson, who heads retailing services, will retire at the beginning of September 2012.

Higginson was finance and strategy director from 1997 to 2008, helping to lead the group’s moves overseas and online. From 2008, his duties included leading the development of Tesco Bank.

He said: “I have had a wonderful career with Tesco. 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.”

Chief executive Philip Clarke said he was “grateful that he has given me sufficient notice to effect proper succession planning”.