Andy Bond has stepped down as Asda chairman to focus on Walmart’s acquisition of Massmart in South Africa and will cut his ties with the business completely by the end of March.
In an internal note to staff, Walmart international chief executive Doug McMillon said Bond would “now be singularly focused on helping us finalise the transaction with Massmart in South Africa”.
“We anticipate that this assignment will be completed by the end of March and at that time Andy will leave the company,” McMillon said.
He added: “During Andy’s five-year tenure as CEO of Asda, our team of colleagues has created tremendous growth in the business. Under his leadership, Asda has continued its legacy of one of the finest EDLP retailers in the UK and across the Walmart chain.
“He is a brilliant merchant, a strong leader and an effective manager and has been instrumental in our efforts to acquire a majority stake in Massmart.”
Last month Asda announced that executive development director Doug Gurr will leave after assisting Bond on the Massmart deal. Bond became chairman of Asda’s executive committee after stepping down as chief executive last April.
Asda development chief Gurr to leave early in new year (11 December 2010)
Walmart and Bond close on Massmart majority stake (30 November 2010)
Bond seeks wiggle room but Massmart safari is no holiday (analysis; 13 November 2010)
The new generals of retailing (6 November 2010)