Tesco

Tesco is allegedly drawing up a list of potential successors for the role of chairman in case Richard Broadbent decides to step down after the completion of reviews and investigations into the retailer's accounting scandal.

According to a Sky News report, Tesco's senior independent director Patrick Cescau assured major investors that the embattled grocer was preparing for a scenarios, including that of Broadbent stepping down.

Although the process is informal, sources say that ex-Tesco executive John Gildersleeve and Archie Norman, the former Asda boss, are on the list of potential successors.

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Tesco sent its shares tumbling after it revealed that it overstated its profits by £250m (€319m, $402m).

Tesco had already cut its full-year profit forecast from £2.8bn to £2.4bn in August.

It has also since suspended four executives, including UK managing director Chris Bush, while media reports have speculated that the others include food commercial director John Scouler and the head of food sourcing, Matt Simister.

Tesco has also launched an internal investigation, led by Big Four accountancy firm Deloitte.

The Financial Conduct Authority has since announced an investigation into the retailer while the Financial Reporting Council said it is observing the developments and may launch a probe after the results of the internal investigation are published.