Supermarket giant Asda has announced that Mohsin Issa will step away from his executive leadership role to focus on his position as sole chief executive of petrol forecourts business, EG Group.
Lord Stuart Rose will assume Mohsin’s responsibilities alongside TDR Capital partner Rob Hattrell, the Leeds-headquartered grocer said, while Mohsin Issa will remain a co-owner of Asda and non-executive on the board.
Asda will continue its three-year search for a chief executive “to lead the business in the next phase of its strategy” and said it will update the market “in due course”.
Lord Rose had previously called on Issa to step away from the firm: “We need a full-time fully experienced retail executive to come in… we always said Mohsin was a particular horse for a particular course,” he said in August.
Mohsin and his brother Zuber – together with TDR Capital – bought Asda in 2021 in a debt-fulled takeover, and Mohsin has since been heavily involved in the day-to-day running of the company.
Asda set for TDR Capital to become majority owner
The brothers began to split their business interests in Asda earlier this year, and Mohsin took a larger role in the day-to-day running of the grocer while Zuber acquired EG group’s remaining UK forecourt business and certain foodservice locations as well as stepping down as co-ceo of EG.
Asda recently implemented an ambitious turnaround plan to combat grocery market share losses to competitors Tesco, Sainsburys, Aldi and Lidl.
Mohsin Issa, co-owner of Asda, 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 added: “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.”