Tesco reinstates suspended executive

Tesco has reinstated one of the executives it suspended following the overstatement of its half-year profits.

The Telegraph reports Tesco has confirmed that group food sourcing director Matt Simister will come back into the business after being suspended during an investigation into a £260m profit overstatement.

Simister was one of eight executives suspended whilst the accounting failures were investigated.

A Serious Fraud Office investigation is currently ongoing.

Tesco chief executive Dave Lewis says: “During our work it became clear that Matt, in fact, worked tirelessly to resolve the issues we faced. Matt is one of our most capable leaders, and I am confident his leadership will support our agenda in commercial going forward. Finally, Matt’s conduct and contribution during our investigation was exemplary and I’d like to personally thank him for that.”

Four of the suspended chief executives have now left the company whilst a further three remain suspended.

 The company has also announced changes to its executive committee which see Tesco Bank chief Benny Higgins take up the additional responsibility of group strategy.

Chief customer officer Jill Easterbrook will now lead the business transformation programme. Acting head of UK Robin Terrell becomes head of customer whilst clothing head Jason Tarry is now head of commercial.

The changes take effect from 1 January.

Shares in Tesco were up 1.03 per cent at 185.70p at 8:30 this morning.