Britain's Asda brings back industry veteran Leighton to lead business [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
return as executive chairman, more than two decades after he served as CEO when he turned around the business before selling it to Walmart. 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 and No. 2 Sainsbury'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 200
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