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Asda finance chief quits, replaced by former Morrisons CFO

© Reuters. FILE PHOTO: Shoppers walk past the UK supermarket Asda, in Leeds, Britain, October 19, 2020. REUTERS/Molly Darlington

(Reuters) -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.

The source said the resignation of John Fallon, Asda’s chief financial officer since June 2021, is yet to be announced internally.

Fallon’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.

A spokesperson for Asda declined to comment.

Fallon’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.

Asda 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.

In 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.

Last month Asda said it was targeting regaining its status as Britain’s No. 2 supermarket group as it reported a 42% jump in 2021 operating profit and launched a new value range for cash-strapped shoppers.

However, monthly industry data has shown Asda underperforming both industry leader Tesco (LON:TSCO) and current No. 2 player Sainsbury’s.

($1 = 0.7648 pound)

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

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