US retail giant Wal-Mart has announced in a surprise statement that Andy Bond is to leave his role as president and CEO of UK-based Asda, following a five-year spell at the head of the company.
According to the group, Mr Bond will be moving to a new part-time role as chairman of Asda's executive committee, although he will remain as CEO and be responsible for the day-to-day management of the retailer.
'I'm very proud to have let Asda for the past five years and helped it find a new confidence to serve customers better,' said Mr Bond. 'We havea strong leadership team that's full engaged in the business, and I'm looking forward to working with the new CEO to build upon the foundationwe've put in place for continued success.'
President and CEO of Walmart International Doug McMillon thanked Mr Bond for his leadership role in the development of Asda during his time as president and CEO and in other roles during his 16-year career at the retailer.
'I am extremely proud of the management team at Asda and the contribution that each of our nearly 170,000 colleagues makes every day to serve our customer,' he noted. 'We are very well positioned to continue to win in the UK market.'
The company said that it would look to appoint a new CEO for its UK business 'soon'.
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