Three more Tesco execs suspended following profits error


By Jennifer Faull, Deputy Editor

October 14, 2014 | 2 min read

Another three Tesco executives have departed temporarily following the £250m profits overstatement, joining the five that have already been asked to leave.

In a statement, the retailer said: "We have asked three employees to step aside to facilitate the investigation into the potential overstatement of profits in UK food.

"We will provide an update on the investigation with our interim results on 23 October."

Four executives were suspended on 22 September following the news in August that profits had been overstated to the tune of £250m.

UK managing director Chris Bush, commercial director Kevin Grace, UK finance director Carl Rogberg, food commercial director John Scouler and head of sourcing Matt Simister are among those already on leave.

Dave Lewis, the new chief executive who was brought in a month early to deal with the crisis, said that the suspensions “are not disciplinary or an admission of guilt.”

An internal investigation is being currently carried being out by Deloitte and law firm Freshfields while the Financial Conduct Authority is investigating the guidance error.


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