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WH Smith CEO quits after accounting error that wiped almost £600m off value
Company slashes profit outlook as it takes hit from blunder in North American division
WH Smith’s chief executive has stepped down with immediate effect after a review found accounting failures in its North American division, prompting the travel shop chain to slash its profit outlook.
Nearly £600m was wiped off the retailer’s market value in a 42% one-day share price fall when the blunder emerged in August. It came shortly after the sale of its high street business, which has since been rebranded as TGJones by its new owners.
Source: www.theguardian.com
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