Bloomberg News

Tesco Appoints Former Barclays Executive Oppenheimer to Board

February 15, 2012

Feb. 15 (Bloomberg) -- Tesco Plc, the U.K.’s largest grocer, appointed the former head of Barclays Plc’s retail bank as a director to help its push into financial services.

Deanna Oppenheimer, a Seattle native who stepped down from Barclays in 2011 after six years with the U.K. bank, will join the board March 1, Cheshunt, England-based Tesco said today in a statement. She will also serve on the board of the retailer’s personal finance unit, subject to regulatory approval.

Tesco also said today that Andrew Higginson, who has been in charge of its banking unit since 2008, will step down from the division’s board on Feb. 26, when Graham Pimlott will succeed him as the bank’s non-executive chairman.

Gareth Bullock and Stuart Chambers, non-executive directors at the grocer, will join the board of Tesco Bank as non- executive directors, the company also said.

Tesco said this month it’s taking a “cautious approach” to introducing banking products after a report that it will delay the start of checking accounts until next year.

Offering so-called current accounts to customers is still central to its plans, though the timing of product introductions has not been confirmed, it said. Tesco previously said it would start offering current accounts in 2012.

--Editors: David Risser, Sara Marley

To contact the reporter on this story: Paul Jarvis in London at pjarvis@bloomberg.net

To contact the editor responsible for this story: Sara Marley at smarley1@bloomberg.net


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