Billionaire Mohsin Issa, who oversees the supermarket as its executive head, is stepping down.
It follows the June resignation of his brother Zuber Issa as co-chief executive. Private equity firm TDR Capital acquired the business when he sold them his share, and they went on to seize the lead.
The corporation says it will provide an update “in due course” regarding the ongoing search for a chief executive.
Following Wednesday’s news, Lord Stuart Rose, the chairman of the Asda board, and Rob Hattrell, an executive at TDR, will assume leadership in the interim.
Together with private equity investor TDR Capital, Mr. Issa will continue to be a co-owner of the company and a non-executive member of the board of the third-biggest grocery chain in the UK.
EG Group, the company that operates the gas station forecourts, has appointed Mr. Issa as its only CEO. In March, Mr. Issa expressed his desire to relinquish daily control of the supermarket.
I’ve determined that now is the ideal moment for me to leave my position as Asda’s chief executive and devote all of my attention to EG Group, Mr. Issa stated.
