Asda parent company Walmart says Bond will be leaving his role as president and CEO of Asda and will move to a new role as chairman of Asda’s Executive Committee.
The supermarket says it intends to appoint a new CEO for its UK business soon.
In the interim, Andy will remain as CEO and be responsible for day-to-day management of the chain.
His new role as chairman will be part-time and his responsibilities will include the smooth transition of the new CEO.
Doug McMillon, president and CEO of Walmart International, thanked Bond for his leadership role in the development of the Asda business during his time as president and CEO at the retailer.
He added that the supermarket is “very well positioned to continue to win in the UK market.”
Bond says: “I’m very proud to have led Asda for the past five years and helped it find a new confidence to serve its customers better. We have a strong leadership team that’s fully engaged in the business, and I’m looking forward to working with the new CEO to build upon the foundation we’ve put in place for continued success.”
Later this week Bond will outline the supermarket’s strategic framework for achieving growth, leverage and returns at Asda at an analyst meeting on Thursday (15 April).
Asda is said to be eying up Argos owner Home Retail Group in a bid to close the gap on its rival Tesco.