Asda's CEO says incoming COO will succeed him

Asda's chief executive Andy Clarke said on Monday incoming Chief Operating Officer Roger Burnley will eventually succeed him in the top job at the British supermarkets arm of Wal-Mart.

In an interview with industry publication Retail Week Clarke did not say when he will step down from a job he has held since 2010 but said Burnley would take over when he does.

"I said I wanted to find somebody who had the ability to be my successor," Clarke told Retail Week.

“It took us some time to find the right person, the right cultural fit, the right sort of character and leader that can run the business."

Asda recruited Burnley from rival Sainsbury's last year, though due to a 12-month notice period he cannot start the job until October.

Though he was widely considered to be Clarke's successor Asda had not publicly confirmed that was the case.

Burnley could not immediately be reached for comment.

Clarke has presided over seven straight quarters of falling underlying sales at Asda.

However, last week Wal-Mart said it would shift the balance of Asda's strategy from protecting profits to protecting market share, indicating more price cuts might be on the way.