Uncertainty over future of Tesco executives suspended after discovery of £260m profits overstatement
One of the executives suspended by Tesco after it discovered a black hole in its accounts has left the company, it is understood.
The BBC reported this morning one of eight executives who were suspended when it revealed it had overstated profits by £260m had stepped down.
Tesco announced in September that it had overstated its full-year profit expectations, causing shares to plummet. The supermarket promptly suspended executives including UK chief executive Chris Bush, UK finance director Carl Rogberg and commercial director Kevin Grace.
The company has since been placed under investigation by the Serious Fraud Office, while an internal investigation is being carried out by auditor Deloitte and Freshfields, the law firm.
In the past year, 50 per cent has been wiped off the company's market cap as it was hit by a series of catastrophes. Its rivalry with discounters Aldi and Lidl has caused it to lose market share – last month Kantar Worldpanel published figures showing its market share stood at 28.8 per cent, compared with 29.8 per cent this time last year.
Tesco did not comment.
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