Leeds-based Asda announced that Mohsin Issa is stepping back from his executive leadership role at the supermarket giant to focus on his previously announced role as sole CEO of EG Group, the Blackburn-based petrol forecourt and retail company.

Asda said: “Stuart Rose will assume Mohsin’s executive responsibilities alongside Rob Hattrell and Asda’s highly experienced leadership team.

“Rob is currently a partner at TDR Capital, as well as a director on the Asda board. Mohsin remains a co-owner of Asda and non-executive on the board.”

Asda said it continues to make progress in its search to recruit a CEO to lead the business in the next phase of its strategy and will update in due course.

Blackburn-based billionaire brothers Mohsin and Zuber Issa and TDR Capital completed the £6.8 billion acquisition of a majority ownership stake in Asda from Walmart Inc. in 2021.

Private equity firm TDR Capital LLP said in June it agreed to acquire Zuber Issa’s shares in Asda, taking its ownership to 67.5%.

It said Mohsin Issa remained a co-owner in Asda with a 22.5% stake. Walmart Inc retained 10%.

Asda chairman Stuart Rose said: “We respect Mohsin’s decision to move on from his role at Asda where his work is complete to be the sole CEO of EG Group.

“We are very grateful to Mohsin for the role he has played in overseeing Asda, including launching into the growth market of convenience stores and introducing a loyalty app now used by more than six million customers.

“He has laid the foundations to deliver a world-class IT infrastructure, strengthening Asda for the long term. I look forward to continuing to benefit from his insight as a non-executive director on our board.”

Mohsin Issa said: “I am very proud of the highly experienced team we have built, and the significant progress made to build a bigger and better Asda over the last three years, as well as our unwavering commitment to provide customers with uncompromising value.

“Given these achievements and the significant strategic steps we have taken, I have decided now is the right time for me to step back from my oversight role at Asda to focus on EG Group as sole chief executive.

“It is a very exciting time for EG Group, and I am looking forward to focusing on the business while supporting Stuart, Rob and the leadership team in my capacity as a shareholder of Asda.”