| McCall resigns as Tesco non-exec |
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| Thursday, 10 April 2008 | |
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Tesco has announced the resignation of non-executive director Carolyn McCall.
McCall, who is chief executive of the Guardian Media Group, told Tesco that she has decided to stand down because of a conflict of interest that has arisen following the libel case being brought by Tesco against Guardian News and Media Ltd. Tesco is suing The Guardian over stories in the newspaper saying the supermarket group was avoiding £1bn tax by using offshore vehicles. It has been revealed, however, that the Guardian Media group uses similar offshore structures for its own acquisitions. Richard Northedge said earlier this week in his blog The Edge on this site, "It looks set to be messy. Tesco may well be in the right. It may win its case or – more sensibly – settle out of court. It may donate its winnings to charity. But it is in danger of losing a lot of gooodwill, especially from the sector of the public The Guardian represents. Being right, and having the right to sue, may not add up to making it a winner." Accepting the resignation, Tesco (LSE:TSCO) chairman David Reid said: "It is with regret that I accept Carolyn's resignation from the Board. She has been a very good Non-executive Director at Tesco and has made a strong contribution to the success of the business." McCall, who was voted Veuve Cliquot Businesswoman of the Year this week, has served on the Tesco board since March 2005. Related articles Related links |
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