Tuesday 16 October 2018

Asda finance chief checks out for Wilko role

Alex Russo will be replaced by ex-Asda man Rob McWilliam.

Asda has lost its finance chief (Chris Radburn/PA)
Asda has lost its finance chief (Chris Radburn/PA)

By Ravender Sembhy, Press Association City Editor

Supermarket Asda has lost its finance chief Alex Russo, just months after the firm announced it is getting into bed with Sainsbury’s as part of a £12 billion merger.

Mr Russo, who has been with the Walmart-owned grocer since 2014, will leave Asda at the end of July to become chief financial officer at retailer Wilko.

He will be replaced by ex-Asda man Rob McWilliam, who returns from heading up finance and consumables at Amazon UK.

He has also helped to make the difficult choices to support the improving performance we have seen over the last two years Roger Burnley, Asda boss

Asda boss Roger Burnley said: “During his four-and-a-half years in role at Asda, Alex has played a key leadership role in steering the business in a challenging market and continued to develop the role and influence of the finance team.

“He has also helped to make the difficult choices to support the improving performance we have seen over the last two years.”

Mr Burnley said that Mr Russo made clear his desire to leave more than a year ago.

News of Mr Russo’s departure comes months after Asda and Sainsbury’s came clean about a £12 billion merger that, if it gains regulatory approval, will radically alter the supermarket landscape.

The unified group would have combined revenues of £51 billion and boast a network of 2,800 Sainsbury’s, Asda and Argos stores, giving it unprecedented buying power.

The Competition and Markets Authority is currently probing the deal, which the pair claim will see prices on everyday products slashed by around 10%.

Press Association

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