Tesco suspends more staff over profit error
TESCO announced yesterday it had suspended another three executives over the discovery last month of an accounting error which led first-half profits to be overstated by £250m.
The retail giant did not disclose the names of the three executives, but Sky News is reporting them to be Tesco’s wine director Dan Jago, Sean McCurley, director of convenience foods, and William Linnane, director of impulse purchases.
“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,” said a spokeswoman.
Eight executives have now been suspended since the revelations last month, including group commercial director Kevin Grace, who was asked to step aside last week.
Deloitte and Freshfields are carrying out the investigation, with chief executive Dave Lewis due to update the market alongside Tesco’s interim results on 23 October.