From the Guardian · · 1m 20s
Asda hires Morrisons veteran as sales slide deepens
David Potts takes over as chief executive immediately as the supermarket chain battles competition and debt.
In brief
David Potts takes over as chief executive immediately as the supermarket chain battles competition and debt. Asda appoints David Potts, former Morrisons boss, as chief executive to reverse sales decline as Aldi threatens to overtake it as Britain's third largest supermarket. Originally reported by the Guardian.
Asda appoints Potts as chief executive
Asda has appointed David Potts, 69, former boss of Morrisons, as chief executive with immediate effect. Executive chair Allan Leighton, 73, steps back to a non-executive strategic role.
Potts brings decades of supermarket experience
Potts began his career at Tesco aged 16 and worked there for decades, eventually heading its UK business.
Asda faces mounting competitive pressure
Asda and Morrisons struggle with heavy competition and high debt levels. Aldi is poised to overtake Asda as the UK's third largest supermarket, with about one percentage point separating them.
Sales decline despite price cuts and improvements
Asda's sales fell by 0.5% in the three months to 4 October, according to Worldpanel by Numerator, despite efforts to trim prices and improve ranges and stock availability.
Potts pledges to revitalise the business
Potts said Asda has made good progress but significant opportunities remain. He will focus on making improvements customers can experience and feel in their pockets, and keeping prices locked low at Christmas.
“Providing value to families across the UK has always been in Asda's DNA”
The headline
Asda appoints David Potts, former Morrisons boss, as chief executive to reverse sales decline as Aldi threatens to overtake it as Britain's third largest supermarket.
