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Asda’s billionaire co-owner Mohsin Issa will step down from running the UK’s third-largest supermarket chain, which has lost market share to rivals in recent months.
Lord Stuart Rose, Asda’s chair, and Rob Hattrell, an executive at TDR, the private equity firm that owns a majority stake in Asda, will take over day-to-day responsibility for leading the supermarket.
Asda said on Wednesday that Mohsin Issa would instead focus on running EG Group, the petrol station business he founded with his brother Zuber in Blackburn in 2001.
The move comes as Asda, which Walmart sold to the Issa brothers and TDR in a £6.8bn deal in 2020, continues a protracted search for a new chief executive.
Mohsin Issa will remain a non-executive director of the supermarket.
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