Andy Bond took on the part-time role of Asda chairman in April last year

Andy Bond took on the part-time role of Asda chairman in April last year

Andy Bond, the former CEO of UK retailer Asda, has stepped down from his role as chairman of the supermarket group.

Bond took on the part-time role of chairman of Wal-Mart Stores' UK arm in April last year after announcing he was stepping down as CEO. He now plans to focus on finalising Wal-Mart's plans to buy a majority stake in South African retailer Massmart Holdings. Once the assignment is complete, which is expected by the end of March, Bond will leave Wal-Mart completely.

In an internal announcement today (4 January), Doug McMillon, president and CEO of Wal-Mart's international arm, highlighted the "tremendous growth" at Asda during Bond's five-year tenure as CEO and called him "a brilliant merchant, a strong leader and an effective manager and, most recently, has been and will continue to be instrumental in our efforts to acquire a majority stake in Massmart".

Andy Clarke, Asda's current CEO, added: "Asda is what it is today, because of his leadership." He thanked Bond for making his transition into the CEO role "so smooth and seamless".