Asda chief exec to step down following grocer’s £6.8bn sale to Issa Brothers
Roger Burnley, the chief executive and president of Asda, will step down next year after the supermarket has transitioned to its new ownership, following its £6.8bn sale to the Issa Brothers and TDR Capital.
A process to replace Burnley, who has held the top job at the supermarket for just over three years, is set to commence shortly.
Asda said it is seeking a chief executive who is “able to commit to leading the business over the long-term”.
Burnley, who joined the grocer as deputy chief executive in 2016, said the decision to step down was “personal”.
“Whilst I remain fully committed to leading this great business for the next year and delivering our strategy, it is right to plan for a managed succession process well in advance,” he said.
“It has been a great privilege to play a leading role at Asda over the last five years – putting in place a clear strategy for long-term sustainable growth and doing the right things for our customers, colleagues and the communities we serve.”
Asda was taken back into British ownership after US retail giant Walmart agreed a sale to the Blackburn-based billionaire Issa brothers in a £6.8bn deal.
Under the new ownership structure, the petrol station tycoons Mohsin and Zuber Issa, backed by private equity firm TDR Capital, acquired a majority ownership stake in Asda.
Walmart has retained an equity investment in the supermarket giant.
It was forced to put Asda up for sale after merger talks with Sainbsury’s were blocked by the competition regulator last year.