Tesco chairman Sir Richard Broadbent could be considering his resignation
Is Tesco chairman Sir Richard Broadbent departing the supermarket?
After overseeing probably the retailer’s worst period in history, Broadbent may finally be mulling an exit from the country’s biggest supermarket.
The chairman would consider stepping down, the Wall Street Journal reports, after the investigation into a recently discovered £250m accounting blackhole is complete,
After three years in the job, Broadbent would apparently be willing to step down- if the time is right- according to unnamed sources.
That time could very well be after the investigation is complete, he is said to have indicated to board members who were today joined by two new non-executives in a bid to boost its retail fire power.
Many have said his position at the supermarket is untenable.
Broadbent has previously said he has no intention of standing down: “Shareholders will have to decide whether I am part of the problem or part of the solution. My intention is to continue to be part of the solution. When a big company like this goes through tough times, everyone has got to form an opinion about whether the board and the chairman who leads that board are addressing the issues or ducking the issues. I don’t think we are ducking the issues."
Perhaps it was news of the supermarket taking delivery of a million-pound private jet over the weekend which made him reconsider?
The investigation, which began on 22 September, is open-ended and will go "wherever it takes us" chief executive Dave Lewis has said.
An update on the investigation is expected on the 23 October when the supermarket reports its next earnings.
Tesco declined to comment.