Asda bags former Morrisons boss David Potts as new chief executive

Asda has hired former Morrisons boss David Potts as its new chief executive to help lead revival efforts at the supermarket chain.

The group said Mr Potts would take on the role with immediate effect, with current boss Allan Leighton becoming non-executive chairman, two years after he returned to head the firm.

Mr Potts led Morrisons for eight years until 2023 and spearheaded a turnaround at the group, during which time it was bought out by US private equity firm Clayton, Dubilier & Rice (CD&R).

He was chief executive of Tesco’s Irish business, its UK arm and its Asian operation before joining Morrisons.

The group said Mr Leighton’s move to step aside from the day-to-day running of the group was planned, after he returned in 2024 to take the helm more than two decades after serving as chief executive.

He joined as Asda – bought by private equity firm TDR Capital and the billionaire Issa brothers in 2020 – battled to turn around sliding sales and a shrinking market share.

Mr Leighton said: “Over the last two years, we have stabilised the business and returned it to some growth and begun to establish Asda as ‘more than a supermarket’ through our Formula for Growth strategy.

“David has an outstanding record in our industry, his experience is exactly what we now require for the next stage of our transformation and beyond and it will be great to work with him.”

Mr Potts said the firm has “made good progress but significant opportunities remain” to reinvigorate sales, with a focus on keeping prices low for shoppers.

He added: “By making improvements to the shopping trip every week, which customers can experience and feel in their pockets, we will revitalise the business and bring benefits for all our stakeholders, including our 116,296 very hard-working colleagues.

“Christmas is upon us and the business has a clear focus on keeping Asda prices locked low at this important time for our customers.”