Business - US bid saves Asda FD
Asda finance director Tony De Nunzio has escaped the sack as a result of the takeover of the supermarket giant by US retail goliath Wal-Mart, announced this week.
De Nunzio was to have lost his position as finance chief under Asda’s plans to merge with UK-based retailer Kingfisher. But the move was dramatically dropped earlier this week as Wal-Mart unveiled the details of its £6.7bn surprise offer.
Kingfisher finance director Philip Rowley had been named in the list of board members, with De Nunzio’s position left in doubt.
But with Wal-Mart indicating that Asda’s management will be left intact under the new deal, De Nunzio now looks likely to retain both his position as FD and his place on the board.
The Wal-Mart deal is also good news for Ernst & Young, which is auditor both to Wal-Mart and Asda.
Kingfisher, which would have been the dominant player in the merger with Asda, had been expected by observers to sack E&Y in favour of its own auditor, PricewaterhouseCoopers.