The chief executive of WH Smith has resigned with immediate effect following a scathing independent review by Deloitte which uncovered significant deficiencies in the retailer's North American operations.

The Deloitte assessment revealed "insufficient systems, controls and review procedures for supplier income across commercial and finance functions" alongside "weaknesses in the composition of the finance team" and inconsistent accounting practices within the North America division.

The investigation was launched after WH Smith discovered a major accounting misstatement, a disclosure which slashed tens of millions of pounds from its profits and sent shares plummeting.

The FTSE 250 company announced that a "financial review" had uncovered an overstatement of approximately £30m in anticip

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