The supermarket today announced that co-owner Mohsin Issa would be relinquishing his executive role to focus on EG Group.
Mohsin Issa will be handing over the day-to-day running of the supermarket to chair Lord Stuart Rose and the grocer’s management team.
Asda said that Issa will leave the business this week to concentrate on EG Group, after recently announced he had been made sole chief executive of the petrol station forecourt business.
He will remain co-owner of the chain, alongside private equity business TDR Capital and will also remain a non-executive on the board.
The announcement comes as the struggling grocer continues its hunt for a chief executive to lead the business, saying an announcement on a new arrival would be issued “in due course”.
Lord Rose will take on Issa’s executive responsibilities at the grocer on an interim basis, alongside TDR partner Rob Hattrell and Asda’s existing senior management team.
Issa said: “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.”
Lord Rose said: “We respect Mohsin’s decision to move on from his role at Asda where his work is complete to be the sole chief executive of EG Group.
“We are very grateful to Mohsin for the role he has played in overseeing Asda.”
Mohsin’s departure comes a few months after his brother Zuber Issa offloaded his stake in the grocer and stepped away from Asda in June.
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