Asda has named former Morrisons boss David Potts as its new chief executive, with the appointment taking effect immediately. Potts, who led Morrisons until 2023, has started at the Leeds-based supermarket chain.
The industry veteran has been tasked with turning around the fortunes of Britain's third largest supermarket, which has been weighed down by debts since a private equity-led takeover. Asda said in August that takings had grown for the first time in more than two years.
A Surprise Appointment Ahead of Christmas
Potts will replace Allan Leighton, who will revert to becoming chairman of Asda after having run the supermarket on a day-to-day basis as well. The appointment, which despite Potts' experience is a surprise, comes as Asda and its rivals enter the busiest time of the year with the run-up to Christmas.
Leighton said: "I am really excited to have appointed David as group CEO. 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."
"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," Leighton added.
Potts' Track Record and Plans
Potts said: "Asda has long been a great business, one I've admired and traded against over many years. The colleagues are remarkable, some of the most passionate I've met."
"The business has made good progress but significant opportunities remain and I'm delighted and very proud to have been asked by Allan to lead the team," he said.
"Providing value to families across the UK has always been in Asda's DNA and 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," Potts added.
"Christmas is upon us and the business has a clear focus on keeping Asda prices locked low at this important time for our customers. I'm excited to get started," he said.
Potts started out at Tesco on the shop floor at the age of 16, but rose to become CEO of its Ireland business, its UK arm, and then its Asia offshoot, before joining Morrisons.
