Lord Rose of Monewden is new Asda chairman

Wednesday 01st December 2021 05:38 EST

Lord Rose of Monewden, 72, the former boss of Marks & Spencer, has been appointed as the chairman of supermarket chain Asda. Mohsin and Zuber Issa, who own Asda, has been in search for the chairman's post following the departure of Roger Burnley in August. Rose is already chairman of EG Group, the Issa brothers’ petrol station and store business.

Dame Alison Carnwath, 68, former chairwoman of Land Securities and Vitec, who is also a member of the EG Group board, will join Asda as a non-executive director. Carnwath and Rose served
on the Landsec board together.

Asda, Britain’s third largest supermarket, was bought by the Issa brothers and TDR Capital from Walmart in a £6.8 billion takeover this year. The brothers have built EG from one forecourt in Bury, Greater Manchester, to a petrol empire with more than 6,000 sites in ten countries after a string of debt-fuelled takeovers. In a statement, the Issa brothers said: “We are committed to ensuring this iconic business has the right governance and management framework in place to set it up for long-term success. The appointment of Lord Rose and Dame Alison marks an important step forward in this process and we plan to appoint further independent non-executive directors in due course.”

Rose said: “I am joining the board at a hugely exciting time, as Asda builds on the incredible
resilience it has demonstrated during the pandemic and embarks on the next chapter of its evolution and growth under new ownership.”

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