Andy Bond is to step down as chief executive of UK retail giant Asda.

Bond will leave his role as president and CEO of Asda and move to a new role as chairman of the retailer’s executive committee, Wal-Mart announced today (12 April).

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The company said it was its intention to appoint a new CEO for its UK business “soon”. In the interim, Bond will remain as CEO and be responsible for day-to-day management of Asda. His new role will be part-time and his responsibilities will include the smooth transition of the new CEO, Wal-Mart said.

“I’m very proud to have led Asda for the past five years and helped it find a new confidence to serve its customers better,” Bond said. “We have a strong leadership team that’s fully engaged in the business, and I’m looking forward to working with the new CEO to build upon the foundation we’ve put in place for continued success.”

President and CEO of Walmart International, Doug McMillon thanked Bond for his leadership role in the development of the Asda business during his time as president and CEO and in other roles during his 16-year career at the retailer.

The announcement comes as Asda prepares for an analyst event scheduled for Thursday. The event will be broadcast via a webcast.

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Despite booking a 6% increase in sales for the full-year in February, the UK’s second-largest grocer, has posted the slowest sales growth of the country’s Big Four in the 12 weeks to 24 January, according to data from Kantar Worldpanel.

For just-food’s view of Bond’s move, check out our latest In the spotlight piece.