Zuber Issa, one of the billionaire Issa brothers, has officially resigned from Asda’s board after selling his stake in the supermarket to private equity firm TDR Capital. The sale, first reported in June, has now been completed, with TDR Capital acquiring Zuber's shares, bringing its ownership of Asda to 67.5%. Mohsin Issa, Zuber's brother, retains a 22.5% stake, while Walmart, the former owner, holds 10%.

Following the sale, Zuber stepped down from his non-executive role on Asda’s board, which now consists of six members, including Mohsin Issa and Lord Rose. This transition marks a significant shift for the Issa brothers, who began their business journey in 2001 with a petrol forecourt in Bury, which laid the groundwork for their extensive business empire.

An Asda spokesperson confirmed the completion of the transaction, stating that TDR Capital now holds a majority stake in the company. Zuber's departure from the board coincides with his announcement to step down as co-chief executive of EG Group, the brothers' petrol station business. In June, EG Group agreed to sell its remaining UK forecourt operations and some food service locations to Zuber for £228 million, allowing him to establish a new venture branded ‘EG on the Move.’

In September, it was revealed that Mohsin Issa would also step back from his operational role at Asda, although he remains a co-owner. Lord Stuart Rose, the chair of Asda, will assume executive responsibilities alongside TDR partner Rob Hattrell and the existing management team.

The Issa brothers acquired Asda from Walmart in 2020 for £6.8 billion, with TDR Capital's backing. The firm is also significantly invested in the Issa brothers' EG Group, highlighting the interconnected nature of their business ventures. This latest development underscores the ongoing evolution of Asda's ownership and management structure as it adapts to new leadership dynamics.