Tesco chairman to quit after 90% profit slump
Tesco chairman Sir Richard Broadbent announced he would quit the business, after the retailer admitted overstating first half profits by £263M and posted pre-tax profits more than 90% down.
Broadbent said the financial reporting situation was a matter of profound regret and his departure would help draw a line under the past and help the troubled retailer enter the next phase of its development.
Broadbent, who did not specify when he would leave, joined Tesco on July 2 2011 and was appointed chairman on November 30 2011.