Bond steps up to replace Asda's DeNunzio

Supermarket giant Asda has a ready-made replacement within its ranks for departing chief executive Tony DeNunzio, it announced today.

Asda – owned by the world’s biggest retailer Wal-Mart – said chief operating officer Andy Bond had been appointed to the role of president with immediate effect.

Mr Bond, 40, masterminded the growth of the George clothing brand for four years before stepping up to his position of chief operating officer in September.

He has worked for Asda since 1994. He has been a director of Asda’s private label food business and marketing director.

As president of Asda his task will be to close the gap with Tesco which has a leading 29.2% share of the supermarket sector.

Mr DeNunzio is leaving to take over as chairman of Vendex KBB – the largest non-food retailer in the Netherlands.

The 44-year-old, who was awarded a CBE in the 2005 New Year’s Honours list, joined Asda a year before Mr Bond and took over as chief executive nearly three years ago.

During that time, Asda has overtaken Sainsbury’s as the country’s number two supermarket. Recent figures show it has a 16.9% share of the UK grocery market.

John Menzer, president and chief executive of Wal-Mart International, said: “We are pleased to have the opportunity to appoint someone from inside the business.

“It is clear to us that Andy is the right person to lead the next phase of Asda’s success.”