Retail veteran Stuart Rose to lead Asda

British supermarket group Asda said its chairman, veteran retailer Stuart Rose, would assume the executive responsibilities of co-owner Mohsin Issa, who is stepping back from his leadership role.

The UK’s third largest grocer has underperformed rivals, including market leader Tesco (TSCO.L) and No. 2 Sainsbury’s (SBRY.L), over the last year, with monthly data consistently showing it to be the industry laggard.

Last month, Rose, who is a former CEO of Marks & Spencer, told...