Asda, a British supermarket chain, has appointed Sir Stuart Rose, a former CEO and chairman of rival Marks & Spencer, as the new chairman on December 1.
A veteran retailer, Rose was appointed Chief of Marks & Spencer in 2004 and Chairman in 2008.
He has also held numerous executive positions at other well-known British retailers such as Burton Group, Arcadia and Argos.
“We are pleased to be appointed chairman of Asda, one of the UK’s largest and best retailers,” Rose said in a statement.
In February, Asda was acquired by Wal-Mart for £ 6.8 billion by billionaire brothers Zuber and Mohsin Issa, and private equity firm TDR Capital.
Rose is currently chairman of the EG Group, also owned by TDR Capital.
He states: “Asda was built on the incredible resilience of the pandemic and went to the board at a very exciting time to embark on the next chapter of evolution and growth under new ownership. I will join. ”
Find a new Asda CEO that is a board priority
After the acquisition of Asda, it was announced that then CEO Roger Burnley would leave the company. He was scheduled to quit the business until 2021, when his long-term successor took office, but in August he withdrew unexpectedly six months earlier than planned.
Rose said the board’s priority is to appoint a new Asda CEO “to move this great business forward in the next few years.”
Asda also announced on Wednesday that it has appointed Dame Alison Carnwath as a non-executive board member. This is also valid from December 1st.
Carnwath has served on numerous boards of Barclays, Man Group, BP, Zurich Insurance Group and Chairman of the Vitec and Land Securities Group.
Earlier this year, she was appointed to the EG Group’s board of directors and heads the audit committee.
Asda co-owners Mohsin and Zuber Issa said:
“The appointment of Sir Rose and Sir Allison marks an important step forward in this ongoing process and will eventually appoint more independent non-executive directors.”
Asda Appoints Former Marks & Spencer Boss Stuart Rose as Chair
Source link Asda Appoints Former Marks & Spencer Boss Stuart Rose as Chair