WH Smith’s chief executive has stepped down with immediate effect after a review found accounting failures in its North American division, prompting the travel shop chain to slash its profit outlook.
Nearly £600m was wiped off the retailer’s market value in a 42% one-day share price fall when the blunder emerged in August. It came shortly after the sale of its high street business, which has since been rebranded as TGJones by its new owners.
