Tesco chairman steps down over profits mistake

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Tesco chairman steps down over profits mistake
23rd October 2014

The chairman of Tesco is set to stand down after a reported 92 per cent fall in pre-tax profits.

An accounting black hole in its profits has also amounted to £263m, larger than the £250m initially forecast.

Sir Richard Broadbent, chairman of Tesco, said he would stand down once new chief executive Dave Lewis has established his strategy for the company.

Chris Blackhurst Head of Business for the Evening Standard and Independent explains the difficulties Tesco is in.

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