Breaking News: Asda CEO Bond to step down

SUPERMARKET group Asda was on the look out for a new chief executive today after announcing that Andy Bond is to move to a part-time role with the Yorkshire-based business.

Mr Bond is to leave his role as president and chief executive of Leeds-based Asda to become chairman of its executive committee.

US food giant Wal-Mart, which owns Asda, said it intended to appoint a new Asda chief executive “soon”.

Until a successor is found, Mr Bond will remain in the position and be responsible for the day-to-day management of Asda.

His new role will be part-time and his responsibilities will include the “smooth transition” of the new chief executive.

Mr Andy Bond said: “I’m very proud to have led Asda for the past five years and helped it find a new confidence to serve its customers better.

“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.”

Doug McMillon, president and CEO of Walmart International, priased Mr Bond’s work during his 16-year career at the retailer.

The announcement comes today as Asda was reported to be targeting a deal to buy the owner of Argos and Homebase.

Asda is reportedly eyeing up Home Retail Group as it looks to close the gap on Tesco.

An Asda spokeman said the company could not comment on speculation but a source close the supermarket said it was poised for a “major acquisition”.

Asda is planning open a number of new stores this year. It has 371 stores, 23 depots and 24 Asda Living outlets in the UK.