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Monday 18 December 2017

Tesco CFO joins early

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Tesco have said new chief financial officer Alan Stewart has joined the firm from yesterday, rather than the previously announced date of December.

The news follows the supermarket giant's discovery of a £250m (€318m) error in its accounts, which caused it to overstate its profit forecast.

Stewart quit as Marks & Spencer CFO on July 10 to join Tesco, but had since been on a period of so called "gardening leave".

More than £2.2bn (€2.8bn) was wiped off Tesco's market capitalisation on Monday following the cost of the accounting scandal.

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