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WH Smith chief steps down after accounting error slashes profits
Almost £600m was wiped off company’s market value when blunder was discovered in August
WH Smith’s chief executive has stepped down with immediate effect, after a review found accounting failures in its North American division, prompting the retailer to slash its profit outlook.
Nearly £600m was wiped off the company’s market value when the blunder emerged in August. Shares took a 42% one-day plunge from which they have not yet recovered, leaving the travel shop chain reeling shortly after the sale of its high street business, which has been rebranded as TGJones by its new owners.
Source: www.theguardian.com
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