Potts takes over from Allan Leighton, who has now become non-executive chairman of Asda as planned. The appointment was made with immediate effect.

Previously CEO of Morrisons from 2015 until November 2023, Potts has held positions at retailers, including Tesco, and brings more than 50 years of experience in the industry.

Allan Leighton, group chairman, said: “I am really excited to have appointed David as Group CEO. Over the last two years, we have stabilised the business and returned it to some growth and begun to establish Asda as ‘more than a supermarket’ through our Formula for Growth strategy. David has an outstanding record in our industry, his experience is exactly what we now require for the next stage of our transformation and beyond and it will be great to work with him.”

David Potts, group chief executive officer, stated: “Asda has long been a great business, one I’ve admired and traded against over many years. The colleagues are remarkable, some of the most passionate I’ve met. The business has made good progress but significant opportunities remain and I’m delighted and very proud to have been asked by Allan to lead the team.

“Providing value to families across the UK has always been in Asda’s DNA and by making improvements to the shopping trip every week, which customers can experience and feel in their pockets, we will revitalise the business and bring benefits for all our stakeholders, including our 116,296 very hard-working colleagues.

“Christmas is upon us and the business has a clear focus on keeping Asda prices locked low at this important time for our customers. I’m excited to get started.”