Tesco Chairman to Leave as Accounting Missteps Hit Profit
This article is for subscribers only.
Tesco Plc Chairman Richard Broadbent will leave after the U.K.’s biggest supermarket company said accounting irregularities started earlier than this year and will continue to impact profit in the second half.
Profit was overstated by 263 million pounds ($422 million), with more than half of that amount pre-dating this year, the Cheshunt, England-based company said today. Chief Executive Officer Dave Lewis, who took the helm last month, said he’s unable to provide any guidance on full-year profit, sending the shares down as much as 7 percent.