Struggling British supermarket chain Asda has announced that Mohsin Issa is stepping back from his executive leadership role to focus on his previously announced responsibility as sole CEO of EG Group.
The company said in a release that Stuart Rose will assume Issa’s executive responsibilities alongside Rob Hattrell until a new CEO is recruited. Issa will remain a co-owner of Asda and non-executive on the board.
Commenting on the development, 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. He has laid the foundations to deliver a world-class IT infrastructure, strengthening Asda for the long term.”
The company added that the shareholder group has invested 3.8 billion pounds 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 successful loyalty app, which now has six million active customers, accounting for more than half of total transactions.
“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. 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,” added Issa.
