Tesco fast-tracks new finance chief Alan Stewart

Troubled supermarket giant Tesco has said that its new chief financial officer, Alan Stewart, is joining the company immediately, more than two months earlier than originally planned.

Mr Stewart was previously in the same post at Marks and Spencer.

His arrival fills a gap left by Laurie McIlwee, who left just over a week ago, following his resignation in April.

On Monday, Tesco stunned the markets by saying it had overstated its half-year profit guidance by £250m.

It has launched an investigation headed by Deloitte, and says it is now working to establish the impact of the issue on its full-year results.

It has also suspended four executives, including its UK managing director, Chris Bush.

Tesco is also believed to have suspended its UK finance director Carl Rogberg, its food commercial director John Scouler and the head of food sourcing, Matt Simister.

Tesco shopping Tesco has been battling falling sales and

Tesco suspends executives as inquiry launched into profit overstatement

Tesco has suspended four executives, including its UK managing director, after the supermarket overstated its half-year profit guidance by £250m.

That would be almost a quarter of its expected profit for the period.

It has launched an investigation headed by Deloitte, and says it is now working to establish the impact of the issue on its full-year results.

"Disappointment would be an understatement," said Tesco chief executive Dave Lewis.

Mr Lewis, who only took the helm on 1 September, said it was "a serious issue", but insisted "it doesn't take away from what I'm able to build at Tesco".

Shares fell 8% in early trading.

Mr Lewis said "a number of people" had been suspended from duty "to facilitate the fullest and deepest