Kevin Grace, the former CEO of Tesco Poland, stepped down from his current position as commercial director of the retailer’s central operations in the UK. The move follows news that UK regulators are investigating Tesco’s accounting practices after the company overstated its expected H1 profit by GBP 250m. Grace is one of four senior executives who stepped down, including Tesco’s UK managing director Chris Bush. Grace took control of the retailer’s Polish division in 2004. He was replaced by Ryszard Tomaszewski in 2007 and joined Tesco’s management board in March 2011.
Tesco has asked Deloitte and Freshfields to conduct an internal audit. The company’s shares have fallen by as much as 50 percent following news of the accounting error.
