Co-owner Issa is focusing on his role as CEO of EG Group
Mohsin Issa is stepping back from his executive leadership position at Asda to focus on his previously announced role as sole CEO of EG Group, the supermarket has announced.
Former M&S boss and current Asda chairman Stuart Rose will assume Issa’s executive responsibilities alongside Rob Hattrell and Asda’s leadership team. Hattrell is currently a partner at TDR Capital, as well as a director on the Asda board.
Issa remains a co-owner of Asda and non-executive on the board, the grocery retail giant confirmed.
“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,” Rose said. ”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.”
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 stressed it is continuing its search to recruit a chief executive to lead the business in the next phase of its strategy, promising an update “in due course”.
