By Mark Kleinman, City Editor
Tesco has not yet handed over a near-£1m payoff to its former finance director just days before a deadline for the UK's biggest retailer to compensate him under the terms of his contract.
Sky News has learnt that Tesco is still to make a "termination payment" of £970,800 to Laurie McIlwee, who resigned as the company's chief financial officer in April amid a strained relationship with Philip Clarke, the then chief executive.
Sources said that the payment, which is due to be made by the end of this month, could be withheld until after the conclusion of an investigation into the misstatement of Tesco's half-year profits by a figure estimated in September at £250m.
Ahead of Tesco's delayed interim results on Thursday, Sky News can also reveal that:
:: Directors are being pressed by leading shareholders to make a swift decision over a timetable for replacing Tesco's chairman, Sir Richard Broadbent, with one source saying an announcement about a succession process could be made as soon as this week.
:: A key industry survey of supermarkets' relationships with suppliers, handed to retailers by researchers Advantage Group in recent days, rated Tesco poorly against many of its peers, underlining the scale of the task confronting Dave Lewis, the company's new chief executive.
:: Board-level executives at Tesco have been paid at least £75m during the last five years, a period in which its market share has slipped and its share price has also slumped, wiping billions of pounds from its value.
Eight Tesco executives have been asked to stand aside during the investigations into the accounting issues, which largely relate to the timings of payments booked from suppliers.
An update is due to be given on Thursday but the probes are still under way, meaning that Mr Lewis is expected to stop short of a detailed report on the issue.
The profit shortfall is expected to be smaller than the £250m initially feared.
Mr McIlwee, who did not go to Tesco's head office after his resignation, is understood not to have been contacted by Deloitte or Freshfields since they were commissioned by Tesco to undertake their inquiry.
Published earlier this year, Tesco's annual report said Mr McIlwee would cease to be employed by Tesco on 3 October.
"On termination of employment, in accordance with the terms of his contract, Laurie will receive a termination payment of £970,800 consisting of 12 months base salary (£886,420) and benefits (£84,460 consisting of staff discount, private healthcare and health insurance and car and car related benefits)."
The news that the payment has not yet been made comes weeks after Sir Richard's judgement was called into doubt over comments about Mr McIlwee's availability during his notice period.
Tesco refused to comment, while Mr McIlwee could not be reached.
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