Mohsin Issa Steps Back from Executive Role at Asda

Mohsin Issa has officially announced his decision to step back from his executive leadership role at Asda to focus on his position as the sole CEO of EG Group. This move allows Issa to direct his attention to managing EG Group, which operates petrol stations and convenience stores across Europe, the US, and Australia.

In Issa’s absence, Stuart Rose, the Chairman of Asda, will assume his executive responsibilities. Rose will work alongside Rob Hattrell, a partner at TDR Capital and a director on Asda’s board. TDR Capital is the majority stakeholder in Asda. Mohsin Issa will remain a non-executive director and co-owner of Asda, holding a 22.5% stake in the company.

This transition occurs during a challenging period for Asda, as the retailer has reported a 6% decline in sales over the past 12 weeks, resulting in a decrease in its market share from 13.7% to 12.6%. Competitors such as Tesco, Sainsbury's, and Morrisons have gained market ground, adding pressure on Asda’s leadership.

Lately, Stuart Rose expressed gratitude for Mohsin Issa’s contributions, particularly for initiating Asda’s convenience store project and launching a loyalty app which is now used by over six million customers. Issa is set to become the sole CEO of EG Group upon his brother stepping down from the position next month, following the completion of the sale of EG Group’s remaining UK forecourts.

Issa stated, “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.” He acknowledged the strategic achievements as the right time for him to focus on his responsibilities at EG Group.

Furthermore, Stuart Rose has previously stated that a new CEO will be recruited to lead Asda in its next strategic phase. He emphasized the need for a full-time, experienced retail executive to address the current challenges and guide the company forward, noting that Issa’s expertise was suited for a particular stage in Asda’s development.