Struggling retailer Asda has sought to recapture its former glory by hiring ex-boss Allan Leighton as its new chairman.
Mr Leighton has been drafted to replace Lord Rose, the former Marks & Spencer chief executive who has been at the helm since 2021.
Lord Rose, 75, was recently tasked with kickstarting Asda’s revival after co-owner Mohsin Issa stepped down from running the business in September.
However, Lord Rose will give way to Mr Leighton on Monday.
It marks a return to Asda House for the 71-year-old, who spent five years running the retailer between 1996 and 2001, during which he oversaw the company’s sale to Walmart in 1999.
He subsequently went on to become chairman of Royal Mail and The Co-op, while he was also president of Loblaw Companies, North America’s second-largest food retailer.
His arrival comes at a turbulent time for Britain’s third-largest supermarket, which is scrambling to turn around its fortunes amid a slump in sales.
Following his appointment, Mr Leighton said: “Stuart has done an important job in helping to create a retailer with a presence in every format and I am delighted to be returning to the business which has always been a special place for me.
“The potential for Asda now is significant.”
His priority will be attempting to regain some of the market share lost by Asda since it was bought by private equity giant TDR Capital and the Issa brothers in February 2021.
