Mohsin Issa Steps Down as Asda Executive

Mohsin Issa, co-owner of Asda, is stepping down from his executive leadership role to concentrate on his position as sole chief executive of EG Group. This decision comes amid declining sales at Asda, with like-for-like sales dropping by 5.3% in the second quarter, and following pressure from Asda's chair, Lord Stuart Rose, for a leadership change. Issa will remain a co-owner and non-executive board member of Asda, while Lord Rose and TDR Capital partner Rob Hattrell will take over his responsibilities. Asda is currently searching for a new chief executive to lead its strategic turnaround plan aimed at regaining market share from competitors like Tesco and Aldi. Issa expressed pride in the progress made during his tenure and looks forward to focusing on EG Group. Lord Rose acknowledged Issa's contributions, stating that his work at Asda is complete.