Asda on hunt for new chief executive
Andy Bond's departure a surprise after five years in post
Outgoing boss will chair executive committee
Graeme Wearden
Andy Bond will stay on until Asda has found a new chief. He has been credited with revitalising the supermarket, which is Britain's second largest. Photograph: Sarah Lee
Asda is hunting for a new chief executive after announcing that Andy Bond, who has run the company since 2005, is to become the chairman of its executive committee.
Britain's second-largest supermarket chain, owned by Wal-Mart, hopes to appoint a new chief executive within a few weeks. The surprise departure of Bond comes just days before Asda briefs City analysts on its strategic future, and amid speculation that the company might bid for Home Retail, which owns Argos and Homebase.
Bond told staff at Asda that he was "very proud" to have led the company for the last five years.
"We have a strong leadership team that's fully engaged in the business, and I'm looking forward to working with the new CEO to build upon the foundation we've put in place for continued success," said Bond. He will stay on until a new chief executive has been appointed, and then become a part-time chairman.
Nick Bubb, retail analyst at Arden Partners, suggested that Wal-Mart might be seeking some "fresh blood to drive things in a tough environment", or that Bond himself had perhaps become frustrated at not been allowed to pull off a big acquisition.
Bond, aged 45, has been credited with revitalising Asda, where he has worked in various roles for the last 16 years. The Grantham-born high-flier failed his 11-plus, but was later transferred to a grammar school after excelling in the classroom. After taking an engineering degree at the University of Salford he studied for an MBA at Cranfield before being lured to Asda, running first its marketing division and then its fashion division. He is also a fan of exercise, including 100-mile cycle races and a spot of fell-running.
Back in February, Bond admitted that Asda had become too obsessed with offering price discounts in its battle with market-leader Tesco and Sainsbury's. Asda's sales in the last quarter of 2009 grew by 4.6%, down from 5.6% the previous quarter.
The Guardian
