Tesco chairman considers stepping down: WSJ

Mon Oct 6, 2014 9:18pm EDT
 
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(Reuters) - British grocer Tesco Plc's (TSCO.L: Quote) Chairman Richard Broadbent might consider resigning after the investigation into company's accounting practices is complete, the Wall Street Journal reported, citing sources familiar with the matter.

Broadbent would be ready to step down, if the time was right, the newspaper said citing sources.

Broadbent has hinted to the board members that the right time for his departure might come after the accounting firm Deloitte LLP completes its investigation of profit overstatement, the WSJ reported, citing a source.

Last month Tesco, the world's No. 3 retailer, suspended its UK boss along with three other senior executives due to accounting mistakes in supplier contracts.

Representatives at Tesco were not immediately available for comment.

(Reporting by Shivam Srivastava in Bangalore; Editing by Lisa Shumaker)

 
A sign spells out the store name on a Tesco store in Bow, east London August 29, 2014. REUTERS/Paul Hackett