Roger Burnley has stepped down as the chief executive officer of Asda, following completion of a transition period under new ownership, the company recently announced in a statement. The process to appoint his replacement is under way and a further announcement will be made regarding his long term replacement and some additional appointments.
In the interim, Mohsin and Zuber Issa will work closely with the Asda team on the execution of Asda’s strategic vision.Roger Burnley has stepped down as the chief executive officer of Asda following completion of a transition period under new ownership, the company recently announced in a statement. The process to appoint his replacement is under way and a further announcement will be made regarding his long term replacement and some additional appointments. #
The Issa brothers—Mohsin Issa and Zuber Issa, co-chief executive officers of the EG Group, a UK-based global convenience and forecourts retailer, and investment funds managed by TDR Capital, a leading UK-based private equity firm, acquired Asda for an enterprise value of £6.8 billion earlier this year.
The Issa brothers and TDR Capital acquired a majority ownership stake in Asda, while Walmart retained an equity investment in the business, with an ongoing commercial relationship and a seat on the board.
The transaction received approval from the UK Financial Conduct Authority on February 8.
Fibre2Fashion News Desk (DS)
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