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Tesco’s Dan Jago suspended
Tesco has suspended three executives – including its director for beer, wine and spirits – as part of an ongoing investigation into a £250 million overestimation of profits.
Dan Jago
While Tesco has refused to confirm the names of those suspended, it is understood that Dan Jago, head of beer, wines and spirits, is one of three executives asked to step aside.
This is according to retail consultant Steve Dresser who has confirmed the information to the drinks business.
Two further executives have been named as William Linnane, head of impulse, and Sean McCurley, head of convenience.
Jago’s official twitter account has also disappeared.
In a statement released today Tesco said: “We have asked three employees to step aside to facilitate the investigation into the potential overstatement of profits in UK food for the first half of the year. We will provide an update on the investigation with our interim results on 23 October.”
The UK supermarket chain has now suspended a total of eight executives as part of an ongoing investigation into a profit shortfall of £250 million, which was revealed earlier this year.
Deloitte and the law firm Freshfields are currently investigating how the extra £250 million came to be factored into the company’s estimated profits.
An update on its findings is expected on 23 October.
I really feel sorry for Dan and his team who in my experience are one of the most professional in the supermarket buying scene.I would call them firm but fair and while other supermarkets and retailers may indulge in buying shananigans this is not the Tesco model in my experience. Obviously if you are dealing with mega global suppliers there are joint business plans and vast sums of monies for promotions , listings , etc as well as volume agreements. I hope that the auditors see sense and that Dan and his team are back to normal to sell the wine that we all need to do!
Not surprised this happened. I know Dan is regularly invited to play golf with my company and now i know what goes on…forget joint business plans….more like try and influence supplier payment….