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Asda co-owner Mohsin Issa has announced that he is set to step back from running the business after “fixing” it.
Speaking to the BBC, Issa said that he was carrying out a “reset” of the retailer before hiring a new CEO.
Despite the supermarket’s £5bn debt pile Issa insisted he was “in for the long haul”.
He also dismissed suggestions that the EG Group had overextended itself, claiming the company’s debt was sustainable and 90% of it had been fixed.
Issa also brushed off speculation around a rift between him and his brother Zubin.
He said: “We talk to each other probably two or three times a day. We’ve been very, very privileged. We have been on a journey and we have got a long way still to go.
“We’re in a transition period where we’re evolving, but also we’re investing significantly. Market share will fluctuate over a period of time. We feel we’re doing the long term investment that will help us regain some of that market.”
The interview comes as Asda faces a number of strikes at its supermarkets as a result of issues over hours cuts and health and safety.
