Group commercial executive Kevin Grace was requested to hold off last week, according to FT reports
It's the fifth official who got suspended by the largest retailer in Britain, Tesco, after an overstatement of its earnings and careful investigation will be done on this
According to the report of Financial Times, the group commercial executive, Kevin Grace, was requested to hold off last Monday, but the company begged to say its statement. Kevin has been working as the company's executive committee starting December 2011, but he started working with the company since 1982.
Just few weeks after the latest chief official, Dave Lewis, took over, the company shocked the investors with the reports that its earnings had surprisingly ballooned. In the previous month, the company also asked four officials to step aside, which included the leader of its food business in UK, asked investigators to go through the issue and went to its finance officer Alan Stewart, to assist the supermarket's division to find out about the accounting issue. The City regulator, the Financial Conduct Authority, is performing an investigation to the said scandal.
The Britain's biggest retailer strengthened its board last Monday by appointing a former official from Ikea, Mikael Ohlsson, and Richard Cousins, the Compass CEO, as non-executive officials.
The organization board went under fire again in the previous week right after the shameful report that it gave an overstatement of its profits. Lewis, who used to be from Unilever, is struggling to neutralize the sales right after the profit warnings this 2014.
He is doing a vast review of the entity to go through the poor performance and is perceived to be dumping Tesco's Dunnhumby affiliate.
As reported by Sky News last Monday, that the private equity agency TPG is one of the suitors going through the marketing sector that made the company's pilot Clubcard loyalty program.
