Wal-Mart to name its China chief as Asda CEO

Wal-Mart stores Inc is finalising plans to name its China boss Sean Clarke as Chief Executive of Asda, Sky News reported. The surprise move could be announced as soon as this week, Sky said, citing sources.

Andy Clarke, the current CEO of Asda, said in an earlier Retail Week interview that incoming Chief Operating Officer Roger Burnley will eventually succeed him.

Asda, the British arm of Wal-Mart, recruited Burnley from rival Sainsbury Plc last year, though due to a 12-month notice period he cannot start the job until October.

The struggling retailer had reported a seventh straight quarter of declining underlying sales in its last quarterly report.

Asda and Wal-Mart could not be immediately reached for comment outside regular business hours.