Asda has announced that Mohsin Issa is stepping back from his executive leadership role to focus on his previously announced role as sole CEO of EG Group.
Stuart Rose will assume Mohsin’s executive responsibilities alongside Rob Hattrell and Asda’s highly experienced leadership team. Rob is currently a Partner at TDR Capital, as well as a Director on the Asda Board. Mohsin remains a co-owner of Asda and non-executive on the Board.
Lord Rose, Chairman of Asda, 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 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.”
Mohsin Issa, co-owner of Asda, said: “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 continues to progress its search to recruit a CEO to lead the business in the next phase of its strategy and will update in due course.
The shareholder group have invested £3.8bn during the last three years to build a bigger and better Asda for the long term. This has enabled Asda to grow its store footprint from 623 to 1,200 stores and food-to-go sites via organic growth and strategic acquisitions, and launch a hugely successful loyalty app, which now has six million active customers, accounting for more than half of total transactions.
