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Tesco suspends fifth senior figure and appoints new non-exec directors

Tesco has suspended a fifth senior executive as the beleagured supermarket chain tries to rebuild trust in the brand.

Commercial director Kevin Grace was asked to stand aside yesterday (October 6), according to the Financial Times. The move comes after Tesco revealed last month that the company had overstated its profit forecast for the first half of the year by £250m.  

Tesco has also appointed Compass Group chief executive Richard Cousins and former Ikea president Mikael Ohlsson to its board of non-executive directors.

Chairman Sir Richard Broadbent said: “Mikael and Richard have been updated on and are wholly supportive of the steps being taken by the new management team to rebuild trust in Tesco and to focus all the resources of the business to deliver value to our customers.”

Meanwhile, Broadbent is said to have hinted to board members that he may consider resigning after the accounting firm Deloitte finishes its investigation, the Wall Street Journal has reported.

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