Marks and Spencer's chief financial officer Alan Stewart is joining Tesco, filling the position left vacant when Laurie McIlwee announced he would step down in April.

Mr Stewart's basic pay and benefits package is reported to jump from £579,000 at M&S to £750,000 at Tesco when he joins in approximately six months time, according to reports.

Tesco chief executive Philip Clarke said: "When we set out on this search we wanted a candidate who had the right blend of experience, leadership and values to play a leading role in the transformation of Tesco. We have found all three in Alan."