Asda announces major leadership change
Asda has announced that Mohsin Issa is stepping back from his executive leadership role at the supermarket to focus on his previously announced move to become sole chief executive of petrol forecourt business, EG Group.
His executive responsibilities will now be handled by chairman Lord Stuart Rose, who will work closely with TDR partner Rob Hattrell and Asda’s leadership team.
Issa will retain his ownership stake in the business, together with private equity firm TDR Capital, and will remain as a non-executive on the board.
Issa said: “I have decided now is the right time for me to step back from my oversight role at Asda to focus on EG Group as sole chief executive.
“It is a very exciting time for EG Group, and I am looking forward to focusing on the business while supporting Stuart, Rob and the leadership team in my capacity as a shareholder of Asda.”
The supermarket said it is continuing to work on its search for a chief executive and will provide an update “in due course”.
Rose said: “We respect Mohsin’s decision to move on from his role at Asda where his work is complete to be the sole CEO of EG Group. We are very grateful to Mohsin for the role he has played in overseeing Asda, including launching into the growth market of convenience stores and introducing a loyalty app now used by more than six million customers.
“He has laid the foundations to deliver a world-class IT infrastructure, strengthening Asda for the long term. I look forward to continuing to benefit from his insight as a non-executive director on our board.”
In August, Asda announced a decline in second quarter sales as it unveiled plans to deliver an improved in-store shopping experience for customers.
