We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message

Tesco’s new finance chief starts two months early amid accounting crisis

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 ..
CFO video interview with Ryan Mangold, CFO of Taylor Wimpey

CFO video interview with Ryan Mangold, CFO of Taylor Wimpey

Taylor Wimpey CFO Ryan Mangold talks Help to Buy, political risks and business outlook in an exclusive interview with CFOWorld Editor Michelle Perry

Latest News

In Depth
Could CFOs do more to boost shareholder value?

Could CFOs do more to boost shareholder value?

Working capital improvements start to pay off, but more could be done

Europe’s largest public companies are starting to see the fruits of an increased focus on working capital. Costs and debt are beginning to fall, while cash on hand and free cash flow rise, according to our sixteenth survey of nearly 1,000 co ... read more ..


Managing the costs of arbitration when a deal goes wrong

Managing the costs of arbitration when a deal goes wrong

CFOs should be involved in international deal negotiations from the start

The world’s glare has been focussed on Russia of late, and rightly so, due to the situation in Ukraine. But in the legal profession, eyes have been drawn to the matters involving the world’s largest country for a different reason. ... read more ..


What’s going to kill your company?

What’s going to kill your company?

The role of the CFO and the board in strategic risk governance

The latest research shows that many companies are finding their risk management processes inadequate. As the executive primarily in charge of risk, the finance chief has a critical role to play. With the right support, the CFO can bring a systemat ... read more ..


Security technology checklist for CFOs

Security technology checklist for CFOs

Cyber threats are increasing in scale, scope and frequency

When thinking about all of the people involved in managing risk and making security decisions in a company these days, the person with the toughest role is the chief financial officer.

... read more ..



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement