Tesco has suspended five senior executives over the accounting mishap

Tesco has suspended five senior executives over the accounting mishap

UK retailer Tesco is understood to have suspended a fifth senior executive after it last month revealed a GBP250m (U$408.1m) profit overstatement in its first-half accounts.

Group commercial director Kevin Grace is said to have been let go, according to Sky News, as an investigation is carried out by the Financial Conduct Authority (FCA) over the deficit.

Tesco has so far suspended four senior executives over the issue, one of those being Chris Bush, the head of its UK business. It also brought in new CFO Alan Stewart and CEO Dave Lewis, early in the wake of the mishap.

The retailer yesterday appointed two non-executive members to its board of directors, adding what analysts believe is much needed international consumer market experience for the struggling supermarket group.

Richard Cousins, CEO of Compass Group, and Mikael Ohlsson, the former CEO and president of Ikea, will both join the board on 1 November.

A spokesperson for Tesco declined to comment on the departure of Grace when contacted by just-style.

Reports, however, have also emerged overnight that chairman Sir Richard Broadbent might consider resigning from his post in the wake of the mishap.

Broadbent would be "ready to step down, if the time was right", the Wall Street Journal said citing sources.