Reuters - Video

Edition: US | UK | IN | CN | JP

Finance Videos

Tesco CEO to lead UK business

Tuesday, December 02, 2014 - 01:16

Tesco, the British grocer reeling from an accounting scandal, has announced a new management structure that will see new group chief executive Dave Lewis take over the day to day leadership of its main UK operation on a temporary basis. Hayley Platt reports.

▲ Hide Transcript

View Transcript

Most retailers know a thing or two about returned goods. Tesco's latest corporate policy includes rehiring Matt Simister, a former director suspended in the wake of a scandal. Tesco announced a 260 million pound black hole in its balance sheet back in September. The Serious Fraud Office launched an investigation and 8 senior members of staff were suspended. The news caused company shares to plunge. It wiped billions off the value of the supermarket. New CEO Dave Lewis is reshuffling the management structure to get the grocers back on track. And he'll take over the day-to-day leadership of Tesco's main UK operation for the time being. Bryan Roberts is from Kantar Retail. SOUNDBITE: Bryan Roberts, Director of Retail Insights, Kantar Retail, saying (English): "I think that a lot of people are just welcoming the sense of resolution really that the internal enquiry has come to an end. I think Dave Lewis taking temporary charge of the UK business does make sense. Obviously they don't want to rush to an external person in to run the UK, so it's really just about getting the company through Christmas." A spokesman said four of the remaining seven suspended senior managers have left the company for good. With sales still falling, Tesco's priority is to keep those tills ringing over the festive period.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Tesco CEO to lead UK business

Tuesday, December 02, 2014 - 01:16