LONDON: The chairman of Britain's biggest retailer Tesco will resign after the supermarket group was found to have overstated profits by #263 million ($422 million, 334 million euros), it announced on Thursday.
"The board's immediate focus must be on ensuring that we complete the transition to a new management team and that new and far-reaching business plans are put in place quickly," chairman Richard Broadbent said in a statement that also revealed Tesco's net profit had slumped to just #6.0 million in its first half from #820 million one year earlier.
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