Tesco's suspended director returns to work | RetailDetail

Tesco's suspended director returns to work

Tesco's suspended director returns to work

One of the eight Tesco executives that were suspended during the fraud investigation, has returned to his post. Purchasing director Matt Simister has been fully reinstated by CEO Dave Lewis.

Simister return is boost for Lewis

British media quote an internal email from Lewis, wherein he announces Simister's return as group food sourcing director. "During our work it became clear that Matt, in fact, worked tirelessly to resolve the issues we faced", Lewis said.

 

"Matt's conduct and contribution during our investigation was exemplary and I'd like to personally thank him for that. [...] Matt is one of our most capable leaders, and I am confident his leadership will support our agenda in commercial going forward."

 

Simister got suspended in September, as part of the fraud investigation. The return of this experienced executive is a huge boost for Lewis as the suspension of eight important executives really hindered Tesco in this important holiday season.

 

New board on 1 January 2015

Simister may have returned, but four other executives have left the company while three others are still suspended. It is unclear who has left and Tesco refused to comment on the situation. As long as the investigation is still ongoing and there is no indication about their possible implication, they will remain suspended.

 

Tesco also announced its new board, which will start work on 1 January 2015. There will be no more chief creative officer or group business planning and strategy positions. Both directors, who had previously filled these positions (and are not part of the eight suspensions), will shortly leave the company.

 

Lewis will temporarily lead Tesco UK

CEO Dave Lewis will also take lead of Tesco UK's operations. That is also clear evidence that Chris Bush, former Tesco UK director, is one of the suspended managers who has left the company for good.

 

Lewis taking charge of the day-to-day operations at Tesco UK will only be a temporary measure. One of his first major challenges in 2015 is to find a good director for this particular branch: a heavy-weight manager with plenty of retail experience, someone the heavily-burdened Tesco UK desperately needs.

Questions or comments? Please feel free to contact the editors


Adidas wants to strengthen bond with small retailers

15/07/2018

German sportswear giant Adidas says it wants to strengthen its bond with small-scale retailers after they claimed Adidas is too aggressive in pushing its web shop, especially as they feel the brand is favouring large international chains as well.

Several candidates to take over Men at Work

12/07/2018

There are several takeover candidates for both the Dutch and the Belgian stores of the bankrupt clothing chain Men at work. The curator is confident an agreement should be reached today in Belgium.

Burberry sales increases thanks to new strategy

11/07/2018

The new strategy of the British fashion brand Burberry starts to render: the company had a 3% increase of revenue in their own stores last quarter. In total, Burberry has now a revenue of 479 million pounds (520 million euros).

FNG moves to Brussels stock exchange

06/07/2018

Belgian fashion group FNG has collected 60 million euros by issuing new shares. The new shares will be traded on the Amsterdam Stock Exchange and - for the first time - on the Brussels Stock Exchange as well.

Athleteshop ends its run

02/07/2018

Dutch sports web shop Athleteshop has filed for bankruptcy, after an abysmal year in which strings of complaints led to all sorts of problems. Social media and review sites were flooded with customers complaining about late deliveries.

Alibaba goes Turkish with stake in Trendyol

29/06/2018

Alibaba is the new strategic partner of Trendyol, one of the best-known e-commerce companies in Turkey. With this partnership, the Chinese retailgroup strengthens its presence in Europe.