Asda co-owner Mohsin Issa steps down as search for CEO continues

Asda said co-owner Mohsin Issa would step down from his position at the supermarket and hand the reins over to chairman Lord Stuart Rose and the management team.

Asda said Mr Issa would leave his management role this week to focus on his recently announced promotion to sole chief executive of petrol station unit EG Group.

Mr. Issa will remain a co-owner of the network, alongside private equity investor TDR Capital, and a member of the board without executive powers.

Asda said it would continue its search for a chief executive to lead the business and would provide an update “in due course”.

Lord Rose will take over Mr Issa’s executive responsibilities at Asda, alongside TDR partner Rob Hattrell and the supermarket’s current management team.

Mr Issa said: “I have decided the time is right for me to step down from my role at Asda and focus on EG Group as sole CEO.

“This is a very exciting time for EG Group and I look forward to focusing on the business while supporting Stuart, Rob and the management team in my role as shareholder of Asda.”

Lord Rose said: “We respect Mohsin’s decision to step down from Asda, where he left his position, to become sole chief executive of EG Group.

“We are very grateful to Mohsin for the role he has played in overseeing Asda.”