Asda PLC has confirmed that chief executive Roger Burnley is to leave next year.
The news comes six months after the grocer was sold by Walmart to a consortium comprising petrol station billionaires the Issa brothers and private equity group TDR Capital for £6.8bn.
Burnley’s departure was described as amicable in a report by Sky News last night and in a statement today he said it was a personal decision.
“Whilst 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”.
Burnley, 54, has been chief executive since January 2018, having joined the business in 2016 as deputy CEO.
During his time in charge Walmart tried to merge the business with Sainsbury’s, but the deal was effectively blocked by the UK competition authorities.
Mohsin and Zuber Issa and TDR Capital jointly said: “Roger will continue to lead Asda over the next year and deliver the strategy that he and his leadership team have set in motion, whilst at the same time working with us on identifying his successor.”
The new owners have wasted little time in putting their mark on the grocery chain.
In February, they unveiled a restructuring programme affecting up to 5,000 jobs with the Dartford and Heston home shopping centres set to close and ‘back office’ store functions facing an overhaul.
That followed the sale of the supermarket's petrol forecourts to the Issas’ own business EG Group for £750mln.
The brothers have made their fortune through the EG Group, which is now one of the largest forecourt retailers in Europe.