Tesco is going to sack another executive, as it continues to be investigated by the Serious Fraud Office. It is being probed for overstating its profits by £250 million in September last year.
According to Sky News, the head of buying for impulse purchases, William Linnane will leave the company imminently. He will be the sixth executive of a group of Tesco senior management who were suspended after the retailer admitted its profits were inflated.
Legendary investor Warren Buffett dedicated a passage in his annual letter to investors about how much he hates Tesco. He likened investing in the stock to living with an infestation of cockroaches.
Tesco declined to comment on Linnane’s allegedly imminent departure or on any other of the executives detailed in the report.
In January this year, Moody’s and Standard & Poor’s downgraded Tesco’s credit rating to junk. The scandal knocked billions off pounds off Tesco’s market value and the stock is at a 12 year low. Tesco CEO Philip Clarke has now left the group and was replaced by Dave Lewis of Unilever.
Last week, the head of Tesco’s convenience division, Sean McCurley, was made redundant, even though he had only returned from suspension at the beginning of February.
Earlier this month, Sky reported that John Scouler, food commercial director, is leaving Tesco to join TalkTalk while Kevin Grace, Tesco’s group commercial director and Carl Rogberg, the UK finance director, will also leave the beleaguered retailer.
Sky added that Matt Simister, Dan Jago and Chris Robinson will remain as Tesco executives despite being suspended in the fourth quarter last year.