Three of the suspended Tesco executives have reportedly left the company.
According to the Financial Times, three of the so-called ’Cheshunt Eight’, who were suspended over the £260m profit overstatement, have departed. Tesco declined to comment.
The three were reportedly Kevin Grace, group commercial director, Carl Rogberg, UK finance director, and John Scouler, food commercial director.
The group have been named the Cheshunt Eight after the location of Tesco’s Hertfordshire head office.
The struggling retail giant is currently is under investigation by the Serious Fraud Office over the guidance blunder, and reasoning for the overstatement is still not clear.
Tesco’s chief executive Dave Lewis, has made clear that the suspensions of the executives were not "disciplinary or an admission of guilt".
Tesco still has a 28.8% share of the UK grocery market, according to retail analyst Kantar Worldpanel, despite the fact Tesco’s share value has now hit an 11 year-low.
No comments yet