Reported by BBC Business
Asda has appointed a former Morrisons boss as chief executive to help lead revival efforts at the supermarket chain.
Asda, which is based in Leeds, said David Potts would take on the role with immediate effect, while current boss Allan Leighton would become non-executive chairman, two years after returning to lead the supermarket chain.
Potts led Morrisons from its Bradford headquarters for eight years until 2023, overseeing a turnaround during which the supermarket chain was bought by US private equity firm Clayton, Dubilier & Rice.
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Potts said Asda had "made good progress but significant opportunities remain" to reinvigorate sales, with a focus on keeping prices low for shoppers.
"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," he said.
Before joining Morrisons, Potts was chief executive of Tesco's Irish business, its UK arm and its Asian operation.
According to Asda, Leighton had planned to step aside from the day-to-day running of the group, after he returned in 2024, more than two decades after serving as chief executive.
"Over the last two years, we have stabilised the business and returned it to some growth," said Leighton.
"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."
Last year, issues with an IT upgrade hit product availability at the supermarket and dented sales, impacting its bottom line.
But in August, it reported sales had returned to growth for the current quarter for the first time in two years.
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