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Wednesday, October 15, 2014

Tesco Suspends Three More Directors

The fallout from the £250M profit forecast overstatement continues, as Tesco has suspended three more senior employees.

Tesco is quoted in The Guardian:
We have asked three employees to step aside to facilitate the investigation into the potential overstatement of profits in UK food for the first half of the year.” 
Although the staff are not named, they are understood to be category directors in charge of procuring whole sections of goods for Tesco stores. As per Sky News they are Dan Jago, Tesco’s UK and group wine director, Sean McCurley, director of convenience foods, and William Linnane, director of impulse purchases.

Their Twitter and LinkedIn accounts were deactivated on Tuesday.

Earlier this week Tesco’s company secretary, Jonathan Lloyd, said he would leave next March after serving his notice period. Audit committee chairman and non-executive director Ken Hanna is also expected to stand down when his six-year term ends later this year.

This is certainly one way to revamp the board. However, whilst these staff are suspended one might be forgiven for asking who exactly is/are covering their roles?

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