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| Tesco asks fifth executive to step aside after profit error | Tesco asks fifth executive to step aside after profit error |
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| UK supermarket giant Tesco has asked a fifth executive to step aside, as the fall-out from its £250m profit forecast overstatement continues. | UK supermarket giant Tesco has asked a fifth executive to step aside, as the fall-out from its £250m profit forecast overstatement continues. |
| The Financial Times reported that commercial director Kevin Grace has been asked to step aside while Tesco investigates the matter. | The Financial Times reported that commercial director Kevin Grace has been asked to step aside while Tesco investigates the matter. |
| Four other executives have already been asked to step aside, including UK managing director Chris Bush. | Four other executives have already been asked to step aside, including UK managing director Chris Bush. |
| Chief executive Dave Lewis launched an investigation in the accounting error. | Chief executive Dave Lewis launched an investigation in the accounting error. |
| Mr Lewis, who took over the role from from Philip Clarke on 1 September, has seen billions wiped off the value of Tesco's stock market value as a result of the mis-reporting. | Mr Lewis, who took over the role from from Philip Clarke on 1 September, has seen billions wiped off the value of Tesco's stock market value as a result of the mis-reporting. |
| But he has made clear that the actions taken against the Tesco executives are not "disciplinary or an admission of guilt." | But he has made clear that the actions taken against the Tesco executives are not "disciplinary or an admission of guilt." |
| Accountancy firm Deloitte and law firm Freshfields are carrying out the internal investigation. | |
| But last week, Tesco said it had been notified by the Financial Conduct Authority that it was under investigation over the guidance error. | |
| Tesco's share price has plummeted 50% in a year, as falling sales, boardroom reshuffles, and increased competition from rival supermarkets such as Aldi and Lidl, have spooked investors. | |
| This week Mr Lewis refreshed his board with the appointment of Compass boss Richard Cousins and former Ikea boss Mikael Ohlsson as non-executive directors. | |
| Tesco still has a 28.8% share of the UK grocery market, according to retail analyst Kantar Worldpanel. |