Tesco has appointed Carolyn Bradley as UK marketing director following the retail giant’s £950m buy out of its Tesco Personal Finance (TPF) financial services.
Tesco has acquired Royal Bank of Scotland’s 50 per cent shareholding in the financial services business in a move that will see Tesco take full ownership of TPF and generate £1bn in profit from retail services.
Bradley is currently commercial director for added value foods. She will assume the position of UK marketing director, taking over from Lance Batchelor, following his promotion to chief executive of Tesco Telecoms, as part of a management restructure following the buy out.
The acquisition is in line with Tesco’s strategy to grow its share in fast growing services markets including financial services, telecoms, Internet and home shopping. The retail giant also intends to extend its financial services business from a collection of popular financial products to that of a full service retail bank offering more choice.
Tesco’s finance and strategy director, Andrew Higginson, will assume a new Tesco board position as chief executive of retailing services. Higginson will lead a strengthened services team that includes Batchelor, as new chief executive of Tesco Telecoms. Batchelor, joined Tesco in 2007 as UK marketing director and was previously UK marketing and commercial director at Vodafone.
