Chairman Of Supermarket Giant Tesco Quits Amid Profit Fiasco

Screen Shot 2014 10 17 at 4.48.13 PMTesco/YoutubeSir Richard Broadbent.

Tesco chairman Sir Richard Broadbent announced Thursday that he is stepping down, while the company reported results for the first half the year.

The world’s second-largest retailer confirmed that it overstated its profits by £263 million, an increase of £13 million from when the mis-stated amount was first announced last month.

Tesco reported a steep fall in sales, down 4.6%, and revenue, down 4.5% Pre-tax profit is down 91.9% from the same period last year to £112 million.

In a statement, Broadbent said, “My decision reflects the important principle of accountability on behalf of the Board and will support the company to draw a line under the past as it enters the next phase of its development.”

Broadbent has received repeated to calls to resign since the massive profit error was announced in September.

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