Asda brought back retail industry veteran Allan Leighton as its executive chair on Saturday, replacing Stuart Rose at Britain’s third largest supermarket.
Rose will remain on the board to ensure an orderly transition before stepping down, the company, majority owned by private equity firm TDR Capital, said in a statement.
In addition to holding the CEO position at Asda from 1996 to 2001, Leighton has also led a number of UK and international consumer businesses, including Canadian retail group Loblaw Companies and Britain’s Co-op.
“The potential for Asda now is significant, and my focus will be to work with the leadership team to help make Asda special for our colleagues and millions of customers,” Leighton said.
Earlier this month the company reported a drop in quarterly sales and warned of a £100m hit from the government’s latest budget, with Rose saying Asda had “lost the plot” but reassuring that it could be fixed.
Reporting by Muvija M, Reuters
