Asda has confirmed co-owner Mohsin Issa is stepping back from his executive leadership role to focus on his previously announced position as sole CEO of EG Group.
Chair Lord Rose will take over the running of the chain, alongside TDR partner Rob Hattrell, the former boss of eBay in Europe and an ex-Tesco executive.
Issa remains as a co-owner of the supermarket and non-executive on the board.
Lord 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 continued: “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.”
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Issa added: “I am very proud of the highly experienced team we have built, and the significant progress made to build a bigger and better Asda over the last three years, as well as our unwavering commitment to provide customers with uncompromising value.
“Given these achievements and the significant strategic steps we have taken, 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.”
Asda is continuing its search for a new CEO to lead the retailer in the next phase of its strategy and is set to update on the move in due course.
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