Asda finance chief resigns after less than a year in the job – source

div classBodysc17zpet90 cdBBJodivpReuters The finance chief of British supermarket group Asda has resigned after less than a year in the job, a source with knowledge of the situation told Reuters on Friday.p

pThe source said the resignation of John Fallon, Asdas chief financial officer since June 2021, is yet to be announced internally.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pFallon‘s biography is still on the leadership page of Asda’s corporate website. He joined Asda as a newly qualified accountant in 1996 and has held several senior positions at the group.p

pA spokesperson for Asda declined to comment. p

pFallon‘s departure, first reported by The Times, would be the latest in a raft of senior exits from Britain’s third biggest grocer since it was purchased in February 2021 by brothers Mohsin and Zuber Issa and private equity company TDR Capital in a 6.8 billion pound 8.9 billion deal.p

pAsda has been without a CEO since Roger Burnley abruptly left the group in August. Four months ago new chairman Stuart Rose said appointing one was a priority.p

pIn January, Asda said Derek Lawlor, who had led its commercial team since 2019, had left the business after six years. His exit followed that of chief operating officer Anthony Hemmerdinger and chief strategy officer Preyash Thakrar last September.p

pLast month Asda said it was targeting regaining its status as Britains No. 2 supermarket group as it reported a 42 jump in 2021 operating profit and launched a new value range for cashstrapped shoppers.p

pHowever, monthly industry data has shown Asda underperforming both industry leader Tesco and current No. 2 player Sainsburys.p

p1 0.7648 poundp

p Reporting by James Davey in London Baranjot Kaur and Sabahatjahan Contractor in Bengaluru Editing by Chizu Nomiyamap

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