Asda CEO Roger Burnley to step down after takeover
ASDA's Chief Executive Roger Burnley is to step down next year, after the supermarket has transitioned fully to new ownership and a long term successor is in place.
Brothers Mohsin and Zuber Issa bought a majority stake in Asda with with private equity firm TDR Capital, for £780m, valued at £6.8bn, in a leveraged deal last month.
The consortium has satisfied all of the conditions relating to the deal and are working to secure approval from the Competition and Markets Authority (CMA) in the coming months.
A process will now commence to appoint a new CEO who is able to commit to leading the business over the long term.
In a statement to Asda colleagues, Burnley said: “My decision to leave Asda is personal and something I wanted to communicate to my colleagues as soon as I could. While 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."
Last month it was reported that the new owners are considering a spin-off of the supermarket's George fashion business.