Asda has announced that John Fallon will take over from Rob McWilliam as Chief Financial Officer when he concludes his fixed-term appointment in the role this Summer.
McWilliam re-joined the business in 2018 to support the proposed merger with Sainsbury’s. When the deal failed, he extended his contract and helped Asda find new ownership. With work on the deal coming to a close, the group said he has decided to move on having spent almost 20 years at the retailer in two spells. He is expected to take on some non-exec roles.
Fallon joined Asda’s Finance team in 1996 and has held numerous roles in Retail Finance, Logistics Finance and Audit before becoming VP of Commercial Finance in 2011. He was then appointed Deputy CFO in 2018.
The move comes ahead of Competition & Markets Authority’s (CMA) decision due next week on whether the sale of a majority stake in Asda to the Issa brothers and TDR Capital can be signed off on its current terms. The retailer has been operating independently from its buyers whilst the CMA conducts its investigation.
Asda’s CEO Roger Burnley, who recently announced that he will leave the business next year, said: “It’s always great to make internal promotions to the Exec., and at this time of change, John’s experience and knowledge of our great business will be invaluable.
“He returns from his sabbatical on Monday to initially focus on our important Petrol Station project, reporting to me, before starting his planned handover from Rob in due course. This gives us great continuity and ensures a smooth transition period.”
McWilliam, who will be retained as an advisor, added: “It’s been a privilege to be CFO of Asda over a period when we’ve lived our values as we fed the nation through a pandemic, and secured our future under new ownership. Having re-joined Asda in 2018 on a fixed term contract, I’m now delighted to be handing over the reins to such a deserving successor.
“John and I have worked together for much of the last 25 years and I know there could not be a more qualified CFO to steer our way through the next, exciting part of our journey.”
Earlier this week, it was reported that several senior executives at Asda are looking to leave the business having received final payouts from a share scheme run by previous owner Walmart.
NAM Implications:
- What really matters is the shape of the new senior management lineup…
- …following (hopefully) a positive decision by the Competition & Markets Authority (CMA) next week.
- Following which asset clearout to reduce debt?
- …such as HQ sale, NI stores.
- Until then some breath-holding by NAMs?
