A former Tesco director has been announced as the new chief executive of Nisa almost immediately after Co-op’s £134 million acquisition was officially completed.
Ken Towle, who worked for Tesco for around 30 years, has taken up his new position at Nisa with immediate effect.
He will replace Arnu Misra, who held the chief executive role on an interim basis after former boss Nick Read stepped down in September.
Misra saw through the completion of Co-op’s acquisition of Nisa was sanctioned by the court last Friday, just weeks after the Competition and Markets Authority approved it on April 23.
The Co-op said he would remain in the business for a transition period to ensure a smooth handover to the team who will be in place to lead the business into the future.
Co-op retail chief executive Jo Whitfield said: “Co-op and Nisa have all the ingredients for a successful partnership which will include the offer of award-winning Co-op own brand products.
“It will give Nisa partners a wholesale operation of scale, allowing them the flexibility to trade their businesses in the way they choose, whilst benefiting competitive prices and promotions on an industry leading own brand.”
She added: “I’m delighted that Ken will lead the business for us and would like to thank Arnu for the work he has done alongside the Nisa executive team to make this acquisition such a success and we appreciate his support as we transition.”