Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

Britain’s Asda brings back industry veteran Leighton to lead business

admin by admin
November 23, 2024
in Stock
0
Britain’s Asda brings back industry veteran Leighton to lead business
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter

By James Davey, Muvija M

LONDON (Reuters) -Struggling British supermarket Asda said on Saturday veteran retailer Allan Leighton would return as executive chairman, more than two decades after he served as CEO when he turned around the business before selling it to Walmart (NYSE:WMT).

Britain’s third largest grocer, now majority owned by private equity firm TDR Capital, has been losing market share to rivals, including industry leader Tesco (OTC:TSCDY) and No. 2 Sainsbury (LON:SBRY)’s, according to monthly data.

Leighton will succeed fellow veteran Stuart Rose, who has been chair since 2021 and in September assumed the executive responsibilities of co-owner Mohsin Issa.

Earlier this month, Rose said Asda had “slightly lost the plot”, highlighting inadequate store standards, poor product availability and prices not as sharp as they have been in the past. But he said the business is fixable.

At the same time, Asda reported a 4.8% fall in third quarter like-for-like sales and warned that measures in the new Labour government’s budget last month would cost the group 100 million pounds ($125 million).

Leighton served as Asda CEO from 1996 to 2001, driving a turnaround with then chairman Archie Norman before the business was sold to Walmart for 6.7 billion pounds. Leighton also served as president of Canadian retail group Loblaw and chairman of Britain’s Co-op and the Royal Mail (LON:IDSI).

Asda said Rose will remain on the board to ensure an orderly transition before stepping down.

“I am delighted to be returning to the business which has always been a special place for me,” Leighton said.

Gary Lindsay (NYSE:LNN), managing partner of TDR Capital, said Leighton’s “experience and understanding of Asda will stand us in good stead as he leads the business into the next stage of its development”.

Walmart retains a 10% stake in Asda.

($1 = 0.7980 pounds)

This post appeared first on investing.com

Previous Post

US SEC obtained record financial remedies in fiscal 2024, agency says

Next Post

What’s the impact of RFK Jr as new head of HHS on the U.S. Food sector?

admin

admin

Next Post
What’s the impact of RFK Jr as new head of HHS on the U.S. Food sector?

What’s the impact of RFK Jr as new head of HHS on the U.S. Food sector?

Trending News

Bristol-Myers Squibb stock gains on FDA approval of schizophrenia treatment

Bristol-Myers Squibb stock gains on FDA approval of schizophrenia treatment

September 27, 2024
UK businesses in ‘damage control’ mode as £40bn tax hike sparks investment fears

UK businesses in ‘damage control’ mode as £40bn tax hike sparks investment fears

November 26, 2024
What awaits Musk at Tesla, SpaceX, and xAI as he steps back from DOGE to re-focus on business

What awaits Musk at Tesla, SpaceX, and xAI as he steps back from DOGE to re-focus on business

May 30, 2025
Subscribe to Insightful Word


    Recent News

    Asian markets close mixed amid lingering trade tensions; Nikkei hits 6-month high

    Asian markets close mixed amid lingering trade tensions; Nikkei hits 6-month high

    June 27, 2025
    Nike shares jump on improved outlook, shift from China; analysts see recovery

    Nike shares jump on improved outlook, shift from China; analysts see recovery

    June 27, 2025
    Dow Futures soar as Wall Street bulls charge toward record highs

    Dow Futures soar as Wall Street bulls charge toward record highs

    June 27, 2025
    Morningstar lifts Netflix target but warns shares remain overvalued

    Morningstar lifts Netflix target but warns shares remain overvalued

    June 27, 2025

    Recent News

    Asian markets close mixed amid lingering trade tensions; Nikkei hits 6-month high

    Asian markets close mixed amid lingering trade tensions; Nikkei hits 6-month high

    June 27, 2025
    Nike shares jump on improved outlook, shift from China; analysts see recovery

    Nike shares jump on improved outlook, shift from China; analysts see recovery

    June 27, 2025

    Latest News

    • Asian markets close mixed amid lingering trade tensions; Nikkei hits 6-month high
    • Nike shares jump on improved outlook, shift from China; analysts see recovery
    • Dow Futures soar as Wall Street bulls charge toward record highs

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.