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October 7, 2014

Tesco chairman mulls exit, fifth exec asked to step aside – reports

Tesco chairman Richard Broadbent is reportedly mulling his departure from the firm, which is presently caught up in an accounting scandal after it overstated its half-yearly profits.

Tesco chairman Sir Richard Broadbent is reportedly mulling his departure from the firm, which is presently caught up in an accounting scandal after it overstated its half-yearly profits.

According to the Wall Street Journal which cited “sources familiar with the matter” Broadbent has “dropped hints” he will resign once the investigation into the matter is concluded.

The UK supermarket chain last month admitted it had overstated half year profits by GBP250m (US$402m). It is now under investigation by the Financial Conduct Authority as well as accountancy firm Deloitte and law firm Freshfields.

Four executives have already been suspended in conjunction with the issue. It has also been reported by the Financial Times today (7 October) a fifth executive, commercial director Kevin Grace, has been asked to step aside as the matter continues to be investigated.

A spokesperson for Tesco said it is “not commenting on either of these stories” when approached by just-food.

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