Board development at Tesco PLC and Tesco Bank

15 Feb 2012

Tesco PLC today announces that Deanna Oppenheimer is joining the Board of Tesco PLC as Non-executive Director with effect from 1 March 2012 and will, subject to the approval of the FSA, be joining the Board of Tesco Personal Finance Group Limited (Tesco Bank).

Tesco PLC today announces that Deanna Oppenheimer is joining the Board of Tesco PLC as Non-executive Director with effect from 1 March 2012 and will, subject to the approval of the FSA, be joining the Board of Tesco Personal Finance Group Limited (Tesco Bank).

At the same time, in line with the previously announced plans for Andrew Higginson to retire during 2012, Graham Pimlott will take over as non-executive Chairman of Tesco Bank from 26 February 2012. Andrew will step down from the Bank’s board as of that date. The Bank will continue to benefit from Andrew’s experience and knowledge and he will remain a member of the PLC Board until 31 August 2012. Graham has been Senior Independent Director of Tesco Bank since 2008.

In other moves announced today, Gareth Bullock and Stuart Chambers, both existing Non-executive Directors of Tesco PLC, will, subject to FSA approval, join the Board of Tesco Bank as Non-executive Directors. These changes will result in a Bank Board with a majority of Non-executive Directors, drawn broadly equally from Tesco PLC and from outside the business, ensuring that it can exercise its role of independent strategic monitoring and oversight of the Bank, while ensuring a high level of congruency and transparency with its parent company.

Tesco PLC has also made certain changes to simplify and modernise the structure of its Board Committees which, from 26 February 2012, will comprise Audit, Remuneration, Nomination and a newly formed Corporate Responsibility Committee. The role of the Corporate Responsibility Committee will be to define and oversee the Group’s social and corporate obligations. The terms of reference and membership of all Board Committees are available on the Company’s website at www.tescoplc.com/investors/governance/board-process.

Tesco Chairman, Sir Richard Broadbent, said:

“I am delighted to welcome Deanna to the Tesco PLC Board. She brings a wealth of international, retail, banking and digital experience to Tesco. I am also delighted that Graham has agreed to become Chairman of the Bank and will be bringing to the role his many years’ banking experience, as well as his in-depth knowledge of both the Bank and Tesco PLC. I would like to thank Andy for the important contribution he has made to the development of the Bank.”

ENDS


Notes for Editors:

Deanna Oppenheimer

Deanna Oppenheimer is one of the leading women in international finance, with an unusual combination of banking, brand marketing and communication skills, including experience of mobile and online banking.

From 1985 to 2005 she worked at Washington Mutual and transformed the lender from a regional to a national player. She was Marketing Director and later President of Consumer Banking, managing 2000 branches, many in supermarkets across the US. She pioneered customer friendly initiatives such as in-branch coffee shops, children's play areas and free form desks. During her time Washington Mutual was named the Best Retail Bank in the Americas.

At Barclays from 2005 to 2011 she transformed the global retail and business banking divisions. She was first Chief Executive of UK Retail and Business Banking, with 30,000 employees serving 15 million customers through contact centres, online and mobile banking and 1700 branches. In 2009 she also became Vice Chair of Global Retail Banking, sharing best practice across Europe and Africa. In 2010 she added the role of Chief Executive of Europe Retail and Business Banking, stabilising the business during the Euro crisis. Customer satisfaction in the UK improved from last among UK banks to first under her leadership.

She has served as a Non-Executive Director on the boards of Catellus, a leading US development company and Plum Creek Timber, the largest private landowner in the US.

In 2007 Deanna was named Britain's Business Communicator of the Year and in October 2010 was voted the second most powerful woman in banking in the American Banker magazine.

Deanna lives near Seattle with her husband and they have two adult children. She graduated with honours from the private University of Puget Sound in Washington state; she is the immediate past chair of trustees for Puget Sound and a recipient of the Ernest T Stewart Award for university volunteers. She also attended the Kellogg School of Management.

There is no other information required to be disclosed pursuant to LR 9.6.13R in respect of Ms Oppenheimer.


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Tesco is the UK's largest retailer and one of the world's leading international retailers. Tesco has around 5,000 stores worldwide, employing over 500,000 people in the 14 countries in which it operates. Our core purpose is to create value for customers to earn their lifetime loyalty. Our success depends on people: the people who shop with us and the people who work with us.