Asda CEO Burnley to step down: Sky News

Reuters – Asda Chief Executive Officer Roger Burnley is set to step down weeks after the British supermarket group was acquired in a 6.8 billion pound ($9.47 billion) deal, Sky News reported bit.ly/2P4bMN1 on Thursday, citing retail industry sources.

Burnley is expected to remain in the role until a successor is appointed, the report said, adding that an announcement about his departure could come as soon as Friday.

Most recently Britain’s Issa brothers and private equity firm TDR Capital bought a majority stake in Asda from Walmart Inc.

The transaction is still subject to regulatory approval. An April 20 deadline has been set by the Competition and Markets Authority for a ruling.

The new owners are expected to commence the process of identifying prospective successors to Burnley in the coming weeks, according to the Sky News report.

Last month, Asda said 5,000 jobs were at risk from a restructuring announced a week after the acquisition.

Asda did not immediately respond to a Reuters request for comment.

($1 = 0.7180 pounds)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.