Feb 26, 2015
Two non-executive directors to quit
Feb 26, 2015
LONDON, United Kingdom - Changes to the make-up of Tesco's board continued apace on Thursday with Britain's biggest retailer saying two of its non-executive directors will leave at the end of the month.
The firm said Jacqueline Tammenoms Bakker had indicated her wish to retire having completed six years on the board, while Liv Garfield wants to concentrate fully on her new role as CEO of British water supplier Severn Trent.
Tesco is still reeling from last year's four profit warnings and a 263 million pounds profit overstatement that sent its shares to a 14-year low and drew stinging criticism of the board's financial oversight.
Richard Broadbent will be succeeded as Tesco chairman by John Allan on March 1. A new chief executive, Dave Lewis, and finance director, Alan Stewart, were appointed last year.
Broadbent said in October he would step down "reflecting "the very important principle of accountability."
Allan will run the Tesco board as Lewis, who joined from Unilever in September, continues with his plan to fight back from years of market share losses, debt downgrades and the accounting scandal.
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