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Two new NEDs join Tesco board

06 October 2014

Two new NEDs join Tesco board - Read more

Two new non-executive directors (NEDs) Richard Cousins and Mikael Ohlsson will join Tesco’s board on 1 November 2014.

Chairman of Tesco, Sir Richard Broadbent, said that ‘their broad skills and experience will be a real asset to the Company in the coming years. Mikael and Richard have been updated on and are wholly supportive of the steps being taken by the new management team to rebuild trust in Tesco and to focus all the resources of the business to deliver value to our customers.’

Tesco states that Cousins will bring valuable UK and international corporate experience and Ohlsson will bring valuable retail and international experience to the board.

Shareholders may find comfort in the knowledge that Cousins has previously held the position of group financial controller and has a Bsc in maths, while Ohlsson has worked his way up the ranks in Ikea to become CEO and president of the company in the past and has a diploma in industrial economy.

The non-executive appointments follow on from Tesco rushing its chief financial officer Alan Stewart on to the board last week, more than two months ahead of schedule, off the back of a profit overstatement.

Tesco has been embroiled in an accounting scandal since the end of September due to a profit overstatement made by the group, regarding its first half year profits.

Tesco is currently under several different investigations, including an external investigation led by the FCA, and an internal investigation headed by Deloitte and Freshfields.

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