Mohsin Issa, one-half of the billionaire brothers behind the UK's third-largest supermarket chain, Asda, is to step back from the day-to-day running of the business.
Issa said the move was part of a "reset" at the supermarket chain, aiming to solidify its future with the appointment of a new chief executive.
Asda is grappling with £5bn debt stemming from the Issa's highly leveraged takeover, a challenge he acknowledged yet remains undeterred by, expressing a long-term commitment to the company.
Addressing speculation, Issa firmly denied any rift with his brother Zuber, saying that they “get on exceptionally well” and share the same vision for their business empire that spans 10 countries and includes 6000 convenience and petrol stations.
"We talk to each other probably two or three times a day. We've been very, very privileged. We have been on a journey and we have got a long way still to go," Mohsin told reporters.
The self-made Issa brothers have gone from running a single petrol station to becoming prominent figures on the Sunday Times' Rich List, with a net worth of £5.05bn.
"Did I ever think I'd be in a business the size and scale of this? Absolutely not," Mohsin said.
"I just had that vision of running my own business. I always had that determination to try to control my own destiny."
Last month, it was reported that Zuber Issa was considering selling his 22.5% stake in the British supermarket giant.
It’s believed the younger of the two brothers has been weighing up the sale as he plans to transition back towards their longstanding petrol station business EG Group.