UK supermarket chain Asda has named Alex Russo as its chief financial officer, following current CFO Richard Mayfield’s decision to join Asda’s parent company, Walmart, as EMEA regional CFO.
Russo joins Asda's board of directors from Delosi, the Peruvian franchise specialist for brands like KFC and Starbucks. As senior independent director at Delosi, Russo's achievements include an overhaul of the executive team and management of a period of swift expansion. Russo also has substantial retail experience, having served as CFO for Tesco’s South Korean operations and held senior financial positions at Kingfisher and Boots.
"Richard has made a tremendous contribution to our business. Together, we have developed a strategy which will see Asda redefine value retailing in the UK over the next five years. It's a testament to the strength of our team that Asda leaders are consistently promoted within the global Walmart family. Richard leaves the business in great shape for the future but will of course remain involved in his new role," Asda CEO Andy Clarke commented.
"With a strong pedigree as an international retail leader, Alex is a great addition to the Asda team. He will play a crucial role in delivering our new strategic priorities."
Russo will take up the role in January 2014.
