// Asda CEO Roger Burnley to resign after 3 years
// Burnley’s resignation comes after the £6.8bn joint acquisition by Issa brothers and TDR Capital
// Asda’s new owners are expected to look for Burnley’s replacement in the coming weeks
Asda chief executive Roger Burnley is set to step down from his role after three years following the £6.8 billion takeover deal by Issa brothers and TDR Capital.
The Big 4 grocer said Burnley, who described his decision to leave as “personal”, would stay on until next year to allow a successor to be found.
Burnley’s resignation comes after the joint acquisition by Mohsin and Zuber Issa and private equity firm TDR Capital from US giant Walmart last autumn.
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The two brothers have turned EG Group into one of the world’s largest petrol forecourt and convenience store operators.
The consortium has satisfied all of the conditions relating to the deal and are working to secure approval from the CMA in the coming months.
It is expected that the CMA will order the sale of a small number of Asda’s petrol stations to third parties in order to address concerns over the scale of the Issas’ interests in the UK’s fuel retail market.
Asda’s new owners are expected to look for Burnley’s replacement in the coming weeks.
The grocer is one of the UK’s biggest private sector employers, with more than 146,000 employees. It trades from more than 600 supermarkets, standalone petrol stations and Asda Living homewares stores.
“My decision to leave Asda is personal and something I wanted to communicate to my colleagues as soon as I could,” Burnley said.
“Whilst I remain fully committed to leading this great business for the next year and delivering our strategy, it is right to plan for a managed succession process well in advance.”
Mohsin and Zuber Issa and TDR Capital said: “Roger and his team have protected and enhanced an exceptionally resilient business which we are proud to own.
“Roger will continue to lead Asda over the next year and deliver the strategy that he and his leadership team have set in motion, whilst at the same time working with us on identifying his successor.”
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