Senior staff to quit Asda after Walmart’s share payout
Senior staff at Asda are preparing to stage an exodus after receiving final payouts from a share scheme run by the supermarket’s owner Walmart.
Industry sources said that they had been contacted by Asda executives looking to leave, according to the Times.
One source said that the level of inquiries was much higher than normal for the sector.
Walmart, the £290bn American retail group, sold Asda to private equity firm TDR Capital and the Issa brothers in February for £6.8bn.
Asda employees were eligible to take part in Walmart’s sharesave scheme, with stocks held over the past three years vesting this month.
An industry source said that some Asda executives had decided to leave because they would no longer be able to take part in Walmart’s scheme.
They also noted three turbulent years at the supermarket that included a failed tie-up with Sainsbury’s, the pandemic and the company’s sale.
It is understood that Asda has restructured its staff bonus opportunities to mitigate the loss of the Walmart share scheme.
Staff can receive between 100 per cent and 200 per cent of their salary in cash bonuses, depending on their seniority.