CHESHUNT, ENGLAND - Word is breaking that Tesco has suspended three more top level executives as part of the fallout from its recent £250 million overstatement scandal. This controversy has already led to the suspensions of five Tesco executives, including Commercial Director Kevin Grace and UK Managing Director Chris Bush.
"We have asked three employees to step aside to facilitate the investigation into the potential overstatement of profits in UK food,” Tesco shared with the BBC in a statement. "We will provide an update on the investigation with our interim results on 23 October."
According to the London Evening Standard, the new suspensions have affected:
- Dan Jago, Director of Beers and Wines
- William Linnane, Director of Impulse Purchases
- Sean McCurley, Director of Convenience
The London Evening Standard is reporting that these executives were the ones charged with negotiating contracts with some of the biggest members of Tesco's supply chain, including Diageo, InBev, Cadbury, Mars and Nestlé. Tesco has not yet released word on who it will be appointing to take over these duties in the wake of this news.
As AndNowUKnow covered in a a previous article, new Tesco CEO Dave Lewis has contracted the services of the accountancy firm Deloitte and the Freshfields law firm to conduct a full investigation. The Financial Conduct Authority is also investigating the matter.
Stay tuned to ANUK for any future updates on Tesco and how it plans to deal with this important issue.
