Curse of the Rock Star CEO

Dave Lewis’s first day at work was an unpleasant one. Having skydived into the top job at UK grocery giant Tesco earlier this year, Lewis was still rolling up his parachute when the company abandoned its previous profit forecast and slashed its dividend by 75 per cent. It got worse. Three weeks later, on September 19, he had to announce that the company had overstated profits by £250 million ($465 million) in the first half of the year. The share price plummeted to below £2, a level not seen since 2003 and down roughly 60 per cent from its 2008 high....

Dave Lewis’s first day at work was an unpleasant one. Having skydived into the top job at UK grocery giant Tesco earlier this year, Lewis was still rolling up his parachute when the company abandoned its previous profit forecast and slashed its dividend by 75 per cent.

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