Finance chief at Asda to step down

ASDA IS to part company with its finance chief Alex Russo, just months after the Leeds-based grocer announced a £12bn merger with Sainsbury’s.

Mr Russo, who has been with the Walmart-owned grocer since 2014, will leave Asda at the end of July to become chief financial officer at retailer Wilko.

He will be replaced by ex-Asda man Rob McWilliam, who returns from heading up finance and consumables at Amazon UK.

Asda’s chief executive Roger Burnley said: “During his four and a half years in the role at Asda, Alex has played a key leadership role in steering the business in a challenging market and continued to develop the role and influence of the finance team.

“He has also helped to make the difficult choices to support the improving performance we have seen over the last two years.”

Mr Burnley said that Mr Russo made clear his desire to leave more than a year ago.

Asda and Sainsbury’s merger, if it gains regulatory approval, will radically alter the supermarket landscape.

The unified group would have combined revenues of £51bn and a network of 2,800 Sainsbury’s, Asda and Argos stores, giving it unprecedented buying power.

The Competition and Markets Authority is currently probing the deal, which the pair claim will see prices on everyday products slashed by around 10 per cent.

The latest grocery market share figures from Kantar Worldpanel, covering the 12 weeks to June 17, showed sales at Asda rose 1.8 per cent, beating market leader Tesco and Sainsbury’s

More than a quarter of a million new customers have helped Asda to produce its 16-period run of growth.