Asda’s chief financial officer John Fallon has resigned from the supermarket after less than a year in the job, according to a report in The Times.
Fallon – who was promoted to the role in June 2021 – joined Asda as a newly qualified accountant in 1996 and has held several senior positions at the group. His resignation is yet to be formally confirmed by the Big 4 grocer.
Sources have said that Fallon handed his notice in two weeks ago and insiders expect a replacement to be announced shortly.
One said that Fallon’s resignation was partly due to culture-shock regarding how the business was being run, with the job also becoming increasingly difficult due to the rapid rates of inflation.
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The Issa brothers – along with private equity company TDR Capital – acquired Asda in February 2021 in a £6.8bn deal. The Times reported that senior staff who agreed to stay with the group following last year’s sale received their retention pay packages in March.
Fallon’s departure is the latest in a raft of senior exits since Walmart sold the business.
Ex-chief executive officer Roger Burnley stepped down from Asda’s top job in August 2021, six months before he had been due to leave and without a successor in place.
He was closely followed by chief operating officer Anthony Hemmerdinger and strategy chief Preyash Thakrar, who were both contenders for the top role.
It was revealed earlier this year that Asda had put its search for a new chief executive on hold after Mohsin Issa became more involved in running the supermarket.
Last month, Asda reported a 42% jump in profit and launched a new 300-product strong value range, Just Essentials. The supermarket – which is planning to roll out convenience chain Asda On The Move across 300 EG petrol forecourts – is focusing on regaining its status as Britain’s second-biggest supermarket group.
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