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TESCO Kevin Grace suspended

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Tesco asked his sales manager, Kevin Grace to step back, the Financial Times reported Tuesday, noting that this is the fifth member of the management team dismissed since the revelation of a massive overstatement of earnings semi.

Tesco Alamy

Tesco last month suspended the head of its operations in the UK and three other executives after discovering accounting errors related to contracts with certain suppliers.

The Wall Street Journal wrote on his side on Tuesday that the non-executive chairman of Tesco, Richard Broadbent, might consider resigning at the end of the investigation by Deloitte on the accounting practices of the company.

Tesco has pushed back three weeks to 23 October, the publication of its interim results after announcing the initial estimate given on August 29, was about 250 million pounds the actual outcome.

This estimate was published three days before the inauguration of the new CEO, Dave Lewis.

At the London Stock Exchange, the Tesco share gained 3.5% to 9:55 GMT. The stock has lost more than 45% of its value since the beginning of the year.

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