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Chief Exec Terry Leahy steps down
Leaving Tesco after 14 years of service -
Issues first profit warning in 20 years
Tesco issues its first profit warning in almost two decades, share prices drop by 15% reducing value of firm by £4bn. -
Profits decline so withdraw from US
Tesco profits fall considerably and they decide not to invest in stores across the US at a cost of £1.2bn -
Profits fall worldwide
Tesco profits fall by 12.4% in Asia & 68% in Europe -
Finance Director walks away
Laurie McIlwee resigns due reducing the firms value by £350m, how is a company supposed to function effectively without a finance director? -
Chief Exec also walks away
Phillip Clarke leaves the company after profit warnings, replaced by Dave Lewis (Unilever Executive) -
Overstatement of profits revealed
Share plummet 12% as it is revealed that the company's profits have been overstated by a minimum of £250m -
Market share continues to reduce
Tesco's share of the market falls from 30.1% to 28.8% -
Investigation launched into the cause of the scandal
Serious Fraud Office investigates the supposed issues with the suppliers -
Investigation by FCA into PwC
Launched investigation into the accounts to see where the problem occurred it was discovered that the cause was down to 'accelerated recognition of commercial income and delayed accrual of costs'. Basically Tesco paid suppliers later and took money from them earlier than they should have. -
Losses reported
Tesco reports a pre tax loss of £6.4bn, the worst performance in 96 years -
Tesco ends deal with PwC
After 32 years of working together, Tesco replaces PwC after the scandal and decides to use Deloitte as their new auditors -
Sites sold & 24-hr stores reduced
Tesco sells 14 sites marked for new stores in order to increase liquidity and also reduces the number or 24-hr stores across the UK -
Accounting Watchdog looks into suppliers payments of all major supermarkets
A focus by the Accounting Watchdog on suppliers is being implemented, making food retail a priority for inspection at the end of this financial year -
Tesco improves performance
Considerable months after the accounting scandal Tesco announce pre-tax profits of £162m, a vast improvement on the previous year
