Asda co-owner Mohsin Issa steps down

Asda co-owner Mohsin Issa has announced his decision to step down from managing the supermarket, passing leadership to chairman Lord Stuart Rose and the existing management team.

Asda confirmed that Mr Issa will leave his executive position this week to focus on his new role as sole chief executive of the petrol station forecourt company, EG Group.

Mr Issa will remain co-owner of the chain, alongside private equity backer TDR Capital, and a non-executive on the board.

This follows as debt-laden Asda continues its search for a new chief executive to lead the company, stating that an update will be provided “in due course.”

Mr Issa said: “I have decided now is the right time for me to step back from my oversight role at Asda to focus on EG Group as sole chief executive.

“It is a very exciting time for EG Group, and I am looking forward to focusing on the business while supporting Stuart, Rob and the leadership team in my capacity as a shareholder of Asda.”

Lord Rose said: “We respect Mohsin’s decision to move on from his role at Asda where his work is complete to be the sole chief executive of EG Group.

“We are very grateful to Mohsin for the role he has played in overseeing Asda.”