Asda CEO to step down

New York City Wal-Mart Stores Monday said Andy Bond will leave his role as president and CEO of Asda Group Ltd., the U.K. supermarket chain owned by Wal-Mart, and moving to a new role as chairman of Asda’s executive committee. Bond said he will stay on until the company finds a new chief. Wal-Mart said it plans to appoint a new Asda CEO soon.

Bond, 45, has been credited with revitalizing Asda, where he has worked in various roles for the last 16 years. His surprise announcement comes just days before Asda briefs London analysts on its strategic future, and amid reports that the company is looking into buying Home Retail, which owns Homebase.

Nick Bubb, retail analyst at Arden Partners, suggested that Wal-Mart might be seeking some "fresh blood to drive things in a tough environment," or that Bond himself had perhaps become frustrated at not been allowed to pull off a big acquisition, according to The Guardian.