WH Smith's Accounting Scandal: Board Shake-Up & Profit Drop
Update: 2025-12-14
Description
WH Smith, a prominent travel retailer, is undergoing a major board overhaul due to an accounting scandal in its US unit. The company improperly recorded promotional revenues, inflating short-term profits. This led to a significant drop in share price and the resignation of CEO Carl Cowling. An investigation by Deloitte revealed a target-driven performance culture in the North American division. The company is expected to report lower profits and is searching for a new CEO.
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