Tesco Remuneration Committee Head To Step Down

Source: thewillnigeria.com

The head of the remuneration committee at scandal-hit British grocer Tesco PLC (TSCO.L), Stuart Chambers, is set to step down, Tesco said on Wednesday.

Deanna Oppenheimer, a non-executive director, will succeed Chambers as chairman of the committee on Jan. 1, the company said.

Chambers has been on Tesco's board since 2010, and will remain on the board, Tesco said in a statement.

Tesco said in September it had overstated its first half profits by 250 million pounds, an accounting scandal that led to suspension and exit of several senior executives.

Chairman Richard Broadbent is among executives planning to leave the company after an investigation into the accounting scandal is complete.