Tesco is to shake up its board as part of new chief executive Dave Lewis’ efforts to restore the supermarket’s credibility after an accounting error that led it to overstate its profits by £250m.
The retailer is expected to appoint a number of new non-executives to the board, which is led by chairman Sir Richard Broadbent.
The former banker’s leadership of the company has come under fierce scrutiny since the latest revelations. He has also faced criticism from the City for not bringing enough retail experience to the board.
The accounting debacle has wiped £3bn from Tesco’s market value so far and led to billionaire investor Warren Buffett last week labelling his investment in the retailer as “a huge mistake”.