Tesco said Chambers will remain as a member of the committee for a transition period

Tesco said Chambers will remain as a member of the committee for a transition period

Beleaguered retail giant Tesco has revealed the head of its remuneration committee, Stuart Chambers, is to step down.

Chambers, who has served over four years as chair of the committee was succeeded by non-executive director Deanna Oppenheimer yesterday (1 January).

Tesco said Chambers will remain as a member of the committee and board to support the planned succession.

In early December, Tesco issued another profit warning following the revelation it had overstated its profits by GBP263m earlier in the year, leading to an investigation by the Serious Fraud Office and the suspension of eight senior executives.