Robin Terrell, Tesco‘s group multichannel director, has stepped in to run the supermarket’s UK business while an internal investigation examines a £250m “overstatement of its expected profits” for the first half of its financial year.
Terrell, reported the BBC, takes charge of Tesco’s UK leadership team as an investigation launches to look into the overstating of half-year profits guidance by £250m.
“We’ve kicked off a full and detailed enquiry to find out what has happened,” chief executive Dave Lewis, who is three weeks into the top job at Tesco, told the BBC.
“Our focus as a business stays and will stay on satisfying customers around the world,” he said, adding: “Putting customers at the heart of everything we do made Tesco great and will keep it great.”
In a trading statement, Tesco said it had asked Deloitte to undertake “an independent and comprehensive review of these issues,” working closely with its external legal advisors at Freshfields.
Lewis said: “We have uncovered a serious issue and have responded accordingly. The chairman and I have acted quickly to establish a comprehensive independent investigation. The board, my colleagues, our customers and I expect Tesco to operate with integrity and transparency and we will take decisive action as the results of the investigation become clear.”
It’s reported that four Tesco employees have been suspended while the investigation takes place.
Robin Terrell joined Tesco in February 2013, having previously helped retailers from House of Fraser to John Lewis to develop their multichannel businesses. His online retail career started when he joined Amazon in 1999, where he became VP and managing director responsible for its UK and French businesses.
During his time at Tesco, the company has launched its own tablet computer, the hudl, (pictured) with the aim of putting online shopping with reach of more customers. In a Tesco blog written earlier this month he said: “Mobile technology – phones and tablets – are transforming all consumer industries and particularly retail. Our future success relies on our anticipating and adapting those consumer trends so that we can continually improve the products and services we offer our customers.”
