Tesco agrees to pay £2m to former CEO and finance director
TESCO has agreed to pay more than £2million to former chief executive Phil Clarke and ex-finance director Laurie McIlwee, which had been withheld due to an investigation into accounting practices.
Clarke will receive nearly £1.22million and McIlwee £970,880 under their separation agreements.
The payments were suspended after Tesco revealed it had overstated its annual pre-tax profit by £263million.
Tesco said it was contractually committed to pay out unless it could establish gross misconduct.
