Sir Richard Broadbent, who became Tesco chairman in November 2011, said he had no intention of stepping down despite the slump in Tesco's performance and revelations over the mis-stated profits. He said: "I do not think we are ducking the issues. My intention is to continue to be part of the solution." Neil Saunders, managing director of retail consultancy Conlumino, said: " Mistakes do happen, but this gives the impression of a company that is not in full control of its internal procedures. It is just not what you expect from a company as large as Tesco. "More significantly, it means that performance - which is already extremely weak - is actually much weaker than anticipated. This is something that will alarm investors and means that Tesco has much further to travel to recovery than first thought." He added that it was more important than ever that Mr Lewis outlines "a very clear and compelling strategy" as to how he intends to put the UK business back on track.