Grace, who has worked for Tesco for more than 30 years, is the fifth senior figure that the company has asked to step down in the aftermath of its accounting disaster. The other four senior executives to get the chop are UK managing director Chris Bush, UK finance director Carl Rogberg, commercial director for food John Scouler and head of food sourcing Matt Simister.
Revelations of the Tesco’s accounting woes have so far lost the company around £3 billion of its market value, as panicked investors have rushed to dump their shares. Tesco also issued its third profit warning of the year in September, following its biggest drop in sales for 40 years.
In an effort to turn things around for the struggling retailer, new CEO Dave Lewis has taken up his role a month earlier than planned.
A survey of corporate decision makers across Europe finds that chief executives in more than half of the businesses canvassed take responsibility for the issue of cybersecurity.
Regulatory technology - aka RegTech - should become a priority for bankers as regulators increasingly focus on risk data aggregation, argues a white paper from Wolters Kluwer.
Despite significant cost-cutting in recent years, management consultancy McKinsey says the world’s biggest banks need more radical business plans.
With its estimated market capitalisation reduced to US$235bn, Wells Fargo’s current valuation is some US$4bn less than its rival.