Saturday, February 23, 2019

Tesco to lose two more senior executives


The plot thickens over at Tesco as it has recently been announced that a further two more senior executives head for the exit, by confirming their resignation.

This time the head of Tesco‘s audit committee, Ken Hanna and company secretary, Jonathan Lloyd, are the two employees leaving. Although it has yet to be confirmed whether both these employees have decided to resign or forced out.

The company secretary role at Tesco is to primarily advise the board on legal and governance issues, Jonathan Lloyd interestingly handed in his resignation last month ahead of the headlining discovery of the £250 million overstatement in profits.

“His resignation is not connected to the current investigation. It‘s his own choice; he‘s got a new job with another listed company,” a Tesco spokesman said.

According to the Daily Telegraph, Ken Hanna originally dismissed warnings from Tesco‘s auditor that profits were being mishandled.

This latest news will fuel the fire even further as Deloitte and Freshfields investigate the overstatement of its expected profits for the half year, due to the increased recognition of commercial income and delayed accrual of costs.

Tesco declined to comment on the report, although Deloitte have said they will give an update on their findings on its interim results on October 23rd, which comes ahead of its all-important Christmas period.


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