Asda names new chief executive

ASDA has moved swiftly to fill the gap left by Tony DeNunzio's shock departure last week. Today it promoted chief operating officer Andy Bond to chief executive.

Bond, 40, was behind the huge success of the George clothing range at Asda, taking over the brand four years ago when designer George Davies quit. An engineer by training, Bond joined the supermarkets group as marketing manager in 1994 after a stint at British Gas.

He takes the helm at a difficult time for Britain's second-biggest supermarkets chain, which has recently seen its growth fall behind that of industry leader Tesco. Owned by Wal-Mart of the US, Asda missed its profit targets last year despite strong Christmas trading.

DeNunzio left after 12 years at Asda to become chairman of Vendex, the Dutch retail conglomerate owned by US buyout specialist Kohlberg Kravis Roberts.