Tesco gets new CFO early amid accounting crisis

Tesco Warehouse

Tesco, the UK supermarket chain battling an apparent £250m accounting error, has said its new finance director will start months earlier than planned.

Alan Stewart, who was previously chief financial officer at the clothing retailer Marks & Spencer, had been serving out his gardening leave before planning to join rival Tesco in December.

He will now begin on Tuesday, after new Tesco Chief Executive Dave Lewis discovered the company had overstated its half-year profits by £250 million ($409 million). 

Four executives at the top of Tesco's U.K. operations have been suspended pending an investigation by accountants Deloitte into the overstatement of profits.

The blue-chip company's share price plunged by 12 percent in London trading on Monday, amid growing concern from investors about its governance.

- By CNBC's Catherine Boyle

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