Tesco admits CFO has been absent since April

Tesco has confirmed former CFO Laurie McIlwee has not been working the final six months of his contract, encompassing most of the period currently under investigation by the firm following its profits overstatement.

The supermarket chain's share price tumbled 11% on Monday after it announced it had overstated H1 profits by £250m. Four executives were suspended and the company is conducting an international investigation into the error. Chief financial officer McIlwee resigned on 4 April but had been due to stay on for six months to help the transition process. But the firm said yesterday that he "has in fact not been called upon by Tesco and has not been involved or had any input to any financial matters or held any position of responsibility in the company". Tesco said a group of "senior fina...