Chairman Of Supermarket Giant Tesco Quits Amid Profit Fiasco

Tesco chairman Sir Richard Broadbent announced Thursday that he is stepping down, while the company reported results for the first half the year.

The world's second-largest retailer confirmed that it overstated its profits by £263 million, an increase of £13 million from when the mis-stated amount was first announced last month.

Tesco reported a steep fall in sales, down 4.6%, and revenue, down 4.5% Pre-tax profit is down 91.9% from the same period last year to £112 million.

In a statement, Broadbent said, "My decision reflects the important principle of accountability on behalf of the Board and will support the company to draw a line under the past as it enters the next phase of its development."

Broadbent has received repeated to calls to resign since the massive profit error was announced in September.