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Tesco part company with one of its suspended executives

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It emerged early on Friday that one of the Tesco executives suspended over the £260m profit difference has left the company.

Tesco suspended eight executives after the discrepancy was revealed on the 22 September.

The company has refused to comment on the departure.

Tesco’s chief executive Dave Lewis, who took over from former boss Philip Clarke at the beginning of September, made clear that the suspensions of the executives were not “disciplinary or an admission of guilt”.

The business is currently under investigation by the Serious Fraud Office, as well as an internal investigation by accountancy firm Deloitte and law firm Fresh fields.

The fiasco has lead to billions being wiped off of Tesco’s stock market value but the cause of the overestimation is not yet clear.

Those suspended include former commercial director Kevin Grace, Carl Rogberg, UK finance director, and UK managing director Chris Bush.

Tesco’s share price has plummeted 50% in a year as falling sales, boardroom reshuffles, and increased competition from rival supermarkets such as Aldi and Lidl have unnerved investors.

Mr Lewis has refreshed his board with the appointment of Compass boss Richard Cousins and former Ikea boss Mikael Ohlsson as non-executive directors.

Tesco still has a 28.8% share of the UK grocery market, according to retail analyst Kantar Worldpanel.

Published on Monday 01 December by Editorial Assistant

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