British retailer Asda said today chief executive Tony DeNunzio would leave the company within the next few weeks.
Mr DeNunzio, who has overseen years of growth and market-share expansion at Wal-Mart-owned Asda, will become chairman of the executive board at Dutch retailer Vendex KBB, taken private in a €2.4 billion deal last year.
Mr DeNunzio, a 44-year-old Briton, began his career at consumer products groups Unilever, L'Oreal and PepsiCo. He moved to Asda, Britain's number two food seller, in 1993, initially as finance director of its Allied Maples division.
He became group finance director and played a key role in Asda's acquisition by Wal-Mart in July 1999.
Mr DeNunzio took over as Asda President and CEO in July 2002.
Retail analyst Richard Perks of Mintel International said the news would be a blow to Asda, which accounts for about 10 per cent of Wal-Mart's group sales.
"Anything like this is bad news. There's a huge risk that Wal-Mart will come and interfere more. It's not in their culture to stay away. But Asda has succeeded on being left alone."