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.
Despite the data protection regulation being implemented in 2018, 69% of IT decision makers don’t have the backing of their board to achieve GDPR compliance, according to Calligo.
The majority of the region’s 28 member states report that the situation has worsened over the past year, reports business management consultant Verisk Maplecroft.
Regulators in the UK, the US and Hong Kong instituted proceedings against more than 1,700 individuals last year, or four times the number of cases brought against companies.
The US Commodity Futures Trading Commission approved LedgerX as the first regulated clearing house for derivatives contracts settling in digital currencies.