6th Oct 2014 13:13
LONDON (Alliance News) - Richard Broadbent would be willing to step down from his role as the chairman of Tesco PLC once an investigation into the accounting practices at the company is complete, The Wall Street Journal reported Monday, citing people familiar with the situation.
The source said Broadbent would be willing to step down if the time was right and said he has indicated in discussions with board members that this time could be after Deloitte LLP completes its investigation into the supermarket group's profit overstatement, the paper said.
Broadbent has come under particular pressure in recent weeks following Tesco suspending four senior executives and calling in outside auditors to investigate how it overstated its first-half profit guidance by GBP250 million.
http://online.wsj.com/articles/tesco-strengthens-board-in-wake-of-accounting-error-1412579976
By Sam Unsted; [email protected]; @SamUAtAlliance
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