Tesco to lose two more board members

Reuters LONDON | Updated on March 12, 2018 Published on October 12, 2014

Beleaguered British grocer Tesco is set to lose two more board members with the departure of the head of its audit committee and resignation of the company secretary, British newspapers reported on Sunday.

News of the departures comes nearly three weeks after Tesco suspended four senior executives in the wake of the revelation that the company had overstated its first-half profit, triggering an investigation by Britain's financial watchdog.

Tesco, Britain's biggest supermarket chain, confirmed that Company Secretary Jonathan Lloyd, who advises the board on legal and governance issues, had resigned and was serving out his notice until March 2015.

"His resignation is not connected to the current investigation. It's his own choice; he's got a new job with another listed company," a Tesco spokesman said.

The Sunday Telegraph reported that Ken Hanna, chairman of Tesco's audit committee, is also set to step aside as a non-executive director as the company's chairman reshuffles his management team.

Tesco declined to comment on the report.

The company brought in two new non-executive directors last week to add retail and international experience to its board.

Published on October 12, 2014
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