Marks and Spencer has released from gardening leave its former CFO Alan Steward three months early to step in to the growing crisis at rival supermarket Tesco.
Tesco and itsshareholders are realling from a revenue recognition scandal that saw the retailer announce yesterday that it had overstated its half-year profit guidance by £250 million due. The news prompted its share price to drop by 11.6 percent to 203p.
Tesco has suspended four executives, including its UK managing director Chris Bush, and launched an investigation into the overstatemen,t headed by Deloitte alongside a legal team from Freshfields. It has delayed publication of its interim results until 23 October.
Stewart was due to join Tesco on 1 December, but the two firms agreed to bring his start date forward.more ..
Taylor Wimpey CFO Ryan Mangold talks Help to Buy, political risks and business outlook in an exclusive interview with CFOWorld Editor Michelle Perry
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