Ben DiPietro, The Wall Street Journal’s Risk & Compliance Journal, September 29, 2014
Since news of the shortfall was made public Tesco has suspended four senior executives and called in outside auditors and attorneys to investigate. It also moved up the starting date for its new chief financial officer, who was supposed to take over in December but who now is starting immediately. We asked our crisis and reputation experts if the actions taken by Chief Executive Dave Lewis—who assumed the top job just last month—are sufficient to quell the negative publicity.
Davia Temin, president and CEO, Temin and Co.: “When companies are this troubled, new issues keep bubbling up, as this latest one seemingly did. And that is in direct conflict with crisis management rule 101–get all of the bad news out right away, don’t let it trickle out–so that once it is all in the open, you can focus on the fixes.” […read more]