Asda to cut 475 jobs and reduce hybrid working
Lord Rose said the changes were needed to “ensure that the business was best placed to meet our long-term ambitions”.
“As part of this process, we are redefining roles and accountabilities to remove duplication and simplify structures,” he said.
Asda was bought in 2020 from Walmart by billionaire brothers Zuber and Mohsin Issa in a £6.8bn deal with the backing of equity firm TDR Capital.
Last week, Asda announced TDR Capital had acquired the shares of Zuber Issa, who subsequently stepped down from his non-executive role on Asda’s board.
This brings the ownership of Asda by TDR Capital to 67.5%.
Mohsin Issa, who stepped back, external from his executive leadership role in September, owns 22.5 %, while 10% is still held by Walmart.
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