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Netto Property Director promoted to MD

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Discount grocer Netto has moved quickly to appoint a new Managing Director (MD) in the wake of Charles Kay’s resignation earlier this month.

Property Director William Smith will take charge of the retailer with immediate effect and will oversee the Netto to Asda store conversions in the coming months.

Smith was already heading up the Netto integration team, which was appointed to see through the changeover after Asda’s acquisition of Netto’s network of British stores in May.

The Walmart owned company agreed to pay £778 million to purchase Netto’s UK portfolio from Danish retail group Dansk, although it has since had to sell 47 of the outlets in order to resolve local competition concerns.

Asda announced last week that the conversion of Netto stores is set to start in the first quarter of next year, and it will result in the addition of around 1,500 jobs.

The grocer has also made a commitment to create more jobs in the recently acquired stores than were originally provided by Netto.

Published on Tuesday 23 November by Editorial Assistant

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