The former Marks & Spencer boss has been named Asda’s chairman as the supermarket chain searches for a replacement chief executive.
Monewden’s Lord Rose, 72, was hired by Mohsin and Zuber Issa, who own Asda, following the sudden August departure of Roger Burnley as the chain’s chief executive. Rose has been chairman of EG Group, the Issa brothers’ gas station and store business, after the group moved to eliminate corporate governance concerns earlier this year.
Rose’s appointment marks a return to the field after he led M&S from 2004 to 2011 and chaired Ocado until May of this year.
Dame Alison Carnwath, 68, a former chairman of Land Securities and Vitec who is also a member of the EG Group board, will join Asda as a non-executive director. Carnwath and Rose both serve on the Landsec board.
Asda, the UK’s third largest supermarket, has been acquired by the Issa brothers and TDR Capital, a private equity firm, from Walmart, the US retailer giant, in a £6.8 billion acquisition England this year. The brothers built EG from a predecessor in Bury, Greater Manchester, into a petroleum empire with more than 6,000 locations in ten countries after a string of debt-ridden acquisitions. They and TDR Capital just invested £780 million in the Asda deal.
In a statement of appointments to the Asda board, the Issa brothers said: “We are committed to ensuring this iconic business has the right governance and governance framework in place to set it up. for long term success. The appointment of Lord Rose and Dame Alison marks an important step forward in this process and we plan to appoint more independent non-executive directors in due course. ”
“I join the board at an extremely exciting time, as Asda builds on the incredible resilience it has demonstrated during the pandemic and embarks on the next chapter of the board,” said Rose. development and development under new ownership.
“I am delighted to join the board of Dame Alison, who brings seriousness and focus to everything she does, and look forward to confirming further non-executive appointments to the board. our value in the near future.”
Carnwath said: “Asda plays a vital role in the daily lives of millions of consumers across the UK and I look forward to working with Lord Rose, Mohsin and Zuber Issa and the entire Asda team to support business as it is built on strong foundations to drive growth. ”
