Asda executive Derek Lawlor has been announced as Poundstretcher’s new CEO, leaving the Big 4 grocer after seven years.

Previously positioned as Asda’s senior vice president of food and general merchandise, Lawlor will be taking over the role as CEO from Aziz Tayub who has been appointed as chairman, beginning with immediate effect.

Prior to his role at Asda, Lawlor was the category director of Tesco and is also currently the chair of industry charity, GroceryAid.

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Joining the discount retailer last week, the appointment follows Poundstretcher’s recent conclusion of its CVA obligations which saw it offloading some of its high rent stores.

Speaking of his new position, Lawlor told BusinessLive: “The price of everything is going up and everybody is going to have less money to go around – so the opportunity to work with the Poundstretcher team is really exciting to me.

“The attractive thing for me about Poundstretcher is that it’s a great brand with the ability to grow within the most competitive food market in the world.”