Dive Brief:
- Tesco has suspended three more executives in the wake of an accounting scandal that has rocked the U.K.'s largest grocer.
- A total of eight senior staffers have been pushed to the side following disclosures that the retailer had overstated earnings by more than $400 million.
- The suspensions were ordered by the retailer itself, which is seeking to learn what led to the false statements. U.K regulatory bodies are also investigating the company.
Dive Insight:
Tesco is due to release its next earnings statement on Oct. 23, and that's likely to be a particularly difficult day for employees. Tesco's new CEO, David Lewis, is nicknamed "Drastic Dave." As we've noted before, it seems certain that he'll take drastic action, including a reduction in headcount, to try to save Tesco.