After stating pie in the sky profits, Tesco has decided that the only way it can get its feet on the ground and mollify irate shareholders is by getting rid of its corporate jets, as reported by the Financial Times.
The legendary British retailer, along with other supermarkets, has been facing intense competition. This problem was compounded by the fact that Tesco’s management recently overstated profits by a quarter of a million British pounds. The fact that its executives have private jets is not sitting well with shareholders, especially given its financial problems, so Tesco is selling off its Gulfstream 550, used by former CEO Philip Clarke, and has one more to get rid of, its Hawker 800.
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It didn’t seem fair that Tesco was cutting thousands of jobs and eliminating perks while executives got to fly in their own jets, so management made the move to clear its fleet in December, and is in the final stages of reaching the ground to prevent the company from taking a major dive.
