Asda has appointed former Morrisons boss David Potts as its new chief executive with immediate effect, as the supermarket chain seeks to revive its performance. Current boss Allan Leighton will move to the role of non-executive chairman, two years after he returned to lead the company.
Potts' track record
Mr Potts led Morrisons for eight years until 2023, spearheading a turnaround during which the group was acquired by US private equity firm Clayton, Dubilier & Rice (CD&R). Before joining Morrisons, he served as chief executive of Tesco's Irish business, its UK arm and its Asian operation.
Mr Leighton's decision to step aside from day-to-day management was planned, after he returned in 2024 to take the helm more than two decades after his previous stint as chief executive. He joined Asda, which was bought by private equity firm TDR Capital and the billionaire Issa brothers in 2020, as the chain battled sliding sales and a shrinking market share.
Leadership comments
Mr Leighton said: "Over the last two years, we have stabilised the business and returned it to some growth and begun to establish Asda as 'more than a supermarket' through our Formula for Growth strategy."
He added: "David has an outstanding record in our industry, his experience is exactly what we now require for the next stage of our transformation and beyond and it will be great to work with him."
Focus on prices
Mr Potts said the firm has "made good progress but significant opportunities remain" to reinvigorate sales, with a focus on keeping prices low for shoppers. He added: "By making improvements to the shopping trip every week, which customers can experience and feel in their pockets, we will revitalise the business and bring benefits for all our stakeholders, including our 116,296 very hard-working colleagues."
"Christmas is upon us and the business has a clear focus on keeping Asda prices locked low at this important time for our customers."
