- Graeme Jenkins had been due to join from Target Australia
- Probe finds Target's earnings inflated by supplier rebates
Pets at Home Group Plc canceled the appointment of its new chief financial officer after his former employer released the result of an investigation into supplier payments.
The U.K. retailer reached a mutual agreement with Graeme Jenkins that he won’t now join, a company spokesman said Monday.
Jenkins was appointed to the role in December, being set to join from Australian department-store business Target Australia Pty. He was due to start on April 4, though his arrival was postponed following reports of an investigation into supplier payments at Target, which isn’t related to Target Corp. of the U.S.
Earlier Monday, Target Australia’s owner Wesfarmers Ltd. released the result of the investigation, saying that the chain’s earnings were inflated by about 40 percent after it booked rebates in return for promises of higher prices. The Australian company said it has taken “appropriate action” against Target employees found to be directly involved, without naming any.
Pets at Home said it will now restart its search for a new CFO. It’s handed the role of interim CFO to Mark Adams, a former CFO of companies including EasyJet Plc and Alpha Airports Group Plc.