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Zuber Issa steps down from Asda board after completing share sale
It was announced that he had agreed to sell his shares back in June, with the completion of the deal making TDR the new majority shareholder with a 67.5% stake in the retailer.
Having first invested in Asda alongside his brother Mohsin Issa and TDR in 2021, Zuber Issa will also step down from his non-executive role on the supermarket’s board.
He said that he now plans to shift his focus towards managing the EG UK forecourt sites that he remains invested in and continuing his charitable work.
“Since Mohsin and I, alongside TDR, took ownership of Asda, we have driven a period of significant investment and entrepreneurial growth activity,” Zuber Issa said after the deal was made public.
Changes ongoing
Mohsin Issa retains a 22.5% stake but has stepped away from his leadership role, although he remains a non-executive director. Finally, Walmart owns the remaining 10% of shares.
Other board members include chair Lord Rose, Alison Carnwath, Rob Hattrell, Gary Lindsay and Courtney Naudo, while the search for a new CEO is ongoing.
Speaking when the deal was announced, Lindsay and fellow managing partner at TDR Tom Mitchell issued a statement praising the business for its significant progress over the past three years.
“As majority owners, we will continue to work closely with the Asda management team and colleagues across the business to support the ambitious strategy, which we believe is the right one to continue to move Asda forward,” they said.
“We have added a scale convenience business, grown Asda’s store footprint from 623 to 1,200 stores and food-to-go sites, and launched a hugely successful loyalty app, which now has six million active customers, accounting for around half of total sales.”
