Andy Bond is stepping down as chief executive of Asda after five years at the helm.

Bond will remain as CEO, responsible for Asda’s day-to-day management, until a replacement is appointed. He will then move into a part-time role as chair of Asda’s executive committee.

The announcement comes ahead of a meeting of City analysts on Thursday when Bond will outline the supermarket’s strategic priorities for the years ahead. Over the weekend the supermarket was linked with a possible move for Home Retail Group, the owner of Argos.

 “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,” Bond said.

“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.”

Walmart International president Doug said: "I am extremely proud of the management team at Asda and the contribution that each of our nearly 170,000 colleagues makes every day to serve our customer. We are very well positioned to continue to win in the UK market."

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