Asda chief to step down
Tony DeNunzio joining Dutch retailer Vendex
Asda chief executive Tony DeNunzio is leaving the Wal-Mart owned UK supermarket operator to join Dutch retailer Royal Vendex
John Menzer, president and chief executive of Wal-Mart International, confirmed DeNunzio’s resignation, saying the world’s biggest retailer was appreciative of DeNunzio’s 12 years at the company.
He said: “Asda is an extremely strong company and has a superb management team with the depth and expertise to continue our growth into the future.” DeNunzio will leave in the next few weeks, with a replacement still to be appointed.
Wal-Mart acquired Asda in 1999. Under DeNunzio’s stewardship, it has become the UK’s second biggest supermarket operator and led the growth of non-food sales in the sector. The George range has become one the UK’s biggest clothing brand by volume and is being rolled out across Wal-Mart’s worldwide store network.
The latest TNS figures published earlier this week show that Asda’s share of UK grocery sales is 16.9 per cent, with market leader Tesco at 29.2 per cent.
DeNunzio will become chairman of the executive board at Vendex, the largest non-food retailer in the Netherlands. The business was taken private last year in by a consortium led by private equity investor Kohlberg Kravis Roberts (KKR).
KKR partner Henry Kravis said: “We are delighted to have Tony at the helm. The world-class leadership, retailing and consumer marketing skills Tony brings with him make him the ideal executive board chairman to lead the strong team at Vendex to future success.”
Vendex operates 1,800 stores across seven countries – the Netherlands, Belgium, Luxembourg, Denmark, Germany, France and Spain. It has 15 store formats, including Hema, M&S Mode, Prijstopper, and franchised Dixons outlets.
