Asda’s co-owner, Mohsin Issa, has announced his decision to step down from his executive duties at the supermarket giant to focus on his role as the chief executive of EG Group. This transition will see Lord Stuart Rose and TDR Capital partner Rob Hattrell assuming leadership responsibilities as Asda continues its search for a new CEO.
Asda has confirmed that Mohsin Issa will step down from his executive leadership role to concentrate on his position as the sole chief executive of petrol forecourts business, EG Group. Lord Stuart Rose will take over Mohsin’s responsibilities alongside TDR Capital partner Rob Hattrell, according to the Leeds-based supermarket chain. Mohsin Issa will continue to be a co-owner of Asda and a non-executive member of the board.
The supermarket is still in search of a chief executive “to lead the business in the next phase of its strategy” and will provide an update on the three-year search “in due course,” as reported by City AM. In August, Lord Rose had urged Issa to step down, stating: “We need a full-time fully experienced retail executive to come in… we always said Mohsin was a particular horse for a particular course,”
Mohsin and his brother Zuber, along with TDR Capital, acquired Asda in 2021 through a debt-driven takeover, with Mohsin playing a significant role in the company’s daily operations. The brothers began to separate their business interests in Asda earlier this year, with Mohsin taking on a larger role in the supermarket’s day-to-day operations while Zuber took over EG group’s remaining UK forecourt business and certain foodservice locations, also stepping down as co-CEO of Blackburn-based EG.
Asda recently launched an ambitious turnaround plan to regain grocery market share lost to rivals Tesco, Sainsburys, Aldi and Lidl. Mohsin Issa commented: “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.” He added: “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 expressed his support for Issa’s decision, stating: “We respect Mohsin’s decision to move on from his role at Asda where his work is complete to be the sole CEO of EG Group. We are very grateful to Mohsin for the role he has played in overseeing Asda… I look forward to continuing to benefit from his insight as a non-executive director on our board.”
Mohsin Issa’s departure marks a significant transition period for Asda as it seeks a new chief executive to lead it into the next phase of its strategy. The involvement of Lord Stuart Rose and Rob Hattrell in leadership roles indicates a strategic approach to maintaining stability and growth during this period.
