Issa, who holds a 22.5% stake in Asda, will remain a non-executive director and instead turn his attention to his role as sole CEO of EG Group.
This latest change comes not long after Zuber Issa sold his shares in Asda to new majority owner TDR Capital in June of this year.
Asda chair Stuart Rose will assume Issa’s day-to-day responsibilities, alongside Rob Hattrell and the wider leadership team. Hattrell is a partner at TDR Capital.
Speaking last month, Lord Rose was critical of Issa and said that he was “embarrassed” by the supermarket’s recent performance.
The process to appoint a new CEO is still ongoing.
‘Now is the right time’
Commenting on the decision to step aside, Mohsin Issa said: “I am very proud of the highly experienced team we have built, and the significant progress made to build a bigger and better Asda over the last three years, as well as our unwavering commitment to provide customers with uncompromising value. Given these achievements and the significant strategic steps we have taken, 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.”
To conclude, he explained that he would continue to support Lord Rose, Hattrell and the rest of the leadership team in his capacity as a shareholder.
Meanwhile, Lord Rose said that he respected Issa’ decision to move on from his role at Asda “where his work in complete”.
“We are very grateful to Mohsin for the role he has played in overseeing Asda, including launching into the growth market of convenience stores and introducing a loyalty app now used by more than six million customers,” he added.
“He has laid the foundations to deliver a world-class IT infrastructure, strengthening Asda for the long term. I look forward to continuing to benefit from his insight as a non-executive director on our board.”
The Issa brothers bought Asda alongside TDR Capital in October 2020 from Walmart.
In other news, more than 700 workers at a Bakkavor facility in Spalding are set to take part in continuous strike action from 27 September, Unite the Union has announced.
