Tesco drops director of financial services

Tesco is understood to have parted company with its first director of financial services, Stuart Castledine.

He was brought in from Bristol & West Building Society in August to run the supermarket’s ill-fated tie-up with NatWest Bank.

A Tesco spokesman was unable to confirm whether Castledine is still working for the chain while its reception says Castledine no longer has an office at the Cheshunt head office.

Tesco embarrassingly dropped its tie-up with NatWest – which centred on the Tesco Clubcard Plus payment card – in February in favour of a joint venture financial services deal with the Royal Bank of Scotland.

The chain has put in place a new set of top executives to run the division. It has appointed Andrew Dewhurst as marketing director for the venture, called Tesco Personal Finance. The Tesco spokesman says Dewhurst has worked in a variety of commercial positions at the chain. He has worked on the Royal Bank of Scotland tie-up for six months.

He will report to chief executive Derek Sach, who joins from 3i where he is managing director. The chairman of the venture is Rowley Agar, who is Tesco’s company secretary.

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