Asda appoints new CEO

He joined Asda in 1992 and has worked in a variety of roles, including store manager. He has also been a business unit director of categories such as frozen, bakery and produce and retail managing director for Asda's central division. He was named Asda's chief operating officer in 2007.

With the appointment of Mr Clarke, his predecessor Andy Bond will take up the new role as chairman of Asda's executive committee.

"I'm delighted to appoint Andy Clarke to be my successor," said Andy Bond. "He was clearly the right choice from the internal and external candidates we considered. I'm looking forward to doing everything I can to ensure a smooth transition for Andy in his new role."

Doug McMillon, the president and chief executive of Walmart International, said: "At Walmart and at Asda, we have a robust succession planning and talent development process and Andy Clarke has long been identified as a leader.

"With his long career at Asda, working first as a store manager, followed by key roles in trading, as retail director and most recently as COO, Andy knows the company, our colleagues and he cares about our customers. He is the ideal person for the job and this will be a seamless leadership change."