Tesco board to lose two members as chief exec Dave Lewis continues to rebuild

Tesco is said to be losing two of its most senior executives, as the beleaguered supermarket looks to rebuild from the shock revelation of a £250m profit overstatement last month.

 

Company secretary Jonathan Lloyd is reported to have resigned, while the chairman of the audit committee Ken Hanna is said to be stepping down as non-executive director.

 

More departures could soon follow, as chief executive Dave Lewis looks to overhaul the board in light of the scandal which led to a 24 per cent drop in Tesco's share price and an investigation from the Financial Conduct Authority.

 

Already five directors have been suspended.

 

The Sunday Times report this morning that Lloyd handed in his resignation before the revelation of the profit overstatement. It is suggested he will be taking up the same role at another large quoted company.

 

Hanna’s exit will be confirmed later this year, according to The Telegraph. He makes way for new non-executive directors Richard Cousins; a retail turnaround specialist, and former chief executive of Ikea Mikael Ohlsson, who were both appointed to the board last week.

 

Tesco’s share price has fallen 24 per cent since the profit overstatement was revealed on 22 September.