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The BBC reports this morning that Tesco's new CFO, Alan Stewart, will join the company immediately, instead of waiting for another two months as originally planned.

The move comes as Tesco has admitted that its first half profit projections had been overstated by the equivalent of more than $400 million (US) because of what the company acknowledged was "early booking of revenue and delayed recognition of costs." The financial misstatements were revealed by an internal whistleblower, and now are being investigated.

It was reported yesterday that four company employees - including Chris Bush, who runs Tesco's UK business - have been suspended, though not disciplined, pending an investigation. The BBC is now saying that "Tesco is also believed to have suspended its UK finance director Carl Rogberg, its food commercial director John Scouler and the head of food sourcing, Matt Simister."

It took a little negotiation to get Stewart, who has been CFO at Marks & Spencer, over to Tesco early. Tesco's previous CFO, Laurie McIlwee, departed about a week ago, the story says, and the early move "came after a direct appeal from Tesco chief executive Dave Lewis to his counterpart at Marks and Spencer, Marc Bolland, who 'graciously' allowed Mr Stewart to leave early."
KC's View:
I have to wonder if guys like Lewis and Stewart are shaking their heads, wondering what the hell they've gotten themselves into. Tesco, while it needed new leadership, starts to look like a much bigger mess than they likely expected … and it may take a lot of heavy lifting to get it on track.