Tesco Plc Chair John Allan is stepping down days after he was linked to a rising scandal at Britain’s premier enterprise foyer group.
Byron Grote, senior unbiased director, will stand in as interim chair till a successor is appointed, the UK’s largest grocer stated in a press release Friday. Allan’s tenure was as a result of finish shortly, the retailer stated, and he’ll formally step down on the annual assembly on June 16.
The corporate stated that 4 allegations had been made in relation to Allan’s conduct, within the wake of investigations into the Confederation of British Business, the enterprise foyer group.
Three have been “vigorously denied” by Allan, the corporate stated, including that he had “unreservedly apologized” for the opposite — a remark he made a few lady’s costume at an occasion in 2019.
One of many allegations associated to Tesco’s annual assembly in 2022. The grocery store stated it carried out an intensive evaluate of the allegation and didn’t establish any proof or complaints following the assembly.
Tesco additionally requested exterior counsel to contemplate the scope of its evaluate — which didn’t establish any proof or complaints in relation to his tenure as Tesco chair, the corporate added.
Grote stated that whereas there had been no complaints about Allan’s conduct, and the grocery store had not discovered any wrongdoing, the allegations risked changing into a “distraction to Tesco.”
Allan, who additionally chairs Barratt Developments Plc, launched a separate assertion by which he stated it was with “remorse” that he would “prematurely stand down” from Tesco. He stated the allegations, which had been reported within the Guardian, have been “completely baseless.”
He added: “I stay decided to show my innocence.”
The CBI, which Allan led as president from 2018 to 2020, has been rocked by a scandal which noticed two ladies make rape allegations towards colleagues. The complaints towards Allan have been unrelated to those allegations.
Tesco inventory was little modified in London buying and selling.
