John Fallon has been promoted to Asda CFO

Asda has appointed its deputy chief financial officer John Fallon to succeed Rob McWilliam as CFO when he steps down after his fixed term appointment concludes in the summer.

Asda CEO and president Roger Burnleyannounced the move on Friday (16 April) ahead of the Competition & Markets Authority's decision whether or not the Issa brothers' multibillion deal to buy the retailer can go ahead.

Fallon joined Asda's finance team in 1996, holding numerous roles before becoming VP commercial finance in 2011, then deputy CFO in 2018.

In a statement, Burnley said out-going CFO McWilliam had played 'pivotal role' in helping Asda separate from Walmart ownership after rejoining the retailer in 2018 on a fixed-term contract tosupport Asda through its proposed merger with Sainsbury’s.

'Although this deal did not complete, we were delighted when Rob agreed to extend his contract and he has played a really pivotal role in helping us navigate our journey to new ownership,' Burnley said. 'I want to personally recognise the contribution he has made and the support that he has given me throughout this incredible period of time.'

McWilliam will be retained as an advisor, he added.

'As Rob leaves us, I am delighted to confirm that John Fallon will become our new chief financial officer, joining the Exec and reporting to me,' Burnley continued.

Commenting on his departure, McWilliam said: “It’s been a privilege to be CFO of Asda over a period when we’ve lived our values as we fed the nation through a pandemic, and secured our future under new ownership.

'Having rejoined Asda in 2018 on a fixed term contract, I’m now delighted to be handing over the reins to such a deserving successor. John and I have worked together for much of the last 25 years and I know there could not be a more qualified CFO to steer our way through the next, exciting part of our journey.”