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Three more executives ATTESCO are suspended.

Byline: RETAIL JOHN-PAUL FORD ROJAS business@ncjmedia.co.uk

TESCO has suspended another three executives amid the investigation into its recent PS250m overstatement of profit expectations.

It brings to eight the number of those asked to step aside since an inquiry into the error was launched last month by new boss Dave Lewis.

Britain's biggest supermarket said it would give an update on the investigation when it publishes interim results next week. The three latest suspensions are understood to involve Dan Jago, head of beer, wine and spirits, and Sean McCurley, director of convenience, together with another category director, William Linnane.

A spokesman said: "We have asked three employees to step aside to facilitate the investigation into the potential overstatement of profits in UK food for the first half of the year.

"We will provide an update on the investigation with our interim results on October 23."

Four senior executives, including UK managing director Chris Bush, were asked to step aside last month when Tesco revealed that its most recent profits warning to the City in August was much too optimistic.

Mr Lewis said at the time that the suspensions would allow the company to carry out a "full and frank" investigation and they were not disciplinary or an indication of guilt.

Last week it was reported that Tesco had also asked commercial director Kevin Grace to step aside pending the independent review by Deloitte.

The group is the subject of an investigation by the Financial Conduct Authority.

Tesco has issued a series of profit warnings as the sector faces a price war amid a squeeze on market share from discount retailers Aldi and Lidl.

It beefed up its board last week by appointing Richard Cousins, chief executive of catering giant Compass, and Mikael Ohlsson, former boss of Ikea, as non-executive directors.

We have asked three employees to step aside to facilitate the investigation

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Supermarket chain Tesco have suspended another three executives amid the investigation into its recent PS250m overstatement of profit expectations

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Title Annotation:Business
Publication:The Journal (Newcastle, England)
Geographic Code:4EUUK
Date:Oct 15, 2014
Words:335
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