The family 'feud' and a supermarket giant in crisis: How self-made petrol station billionaires the Issa brothers brought Asda back under British control - before losing it amid a shock romance and 'embarrassing' sales By Rory Tingle Published: 11:12, 19 September 2024 | Updated: 11:31, 19 September 2024 e-mail 1 View comments The billionaire Issa brothers suffered the latest blow to their business empire yesterday after it emerged that the eldest, Mohsin, would be stepping back from running Asda - ending the family's control of the supermarket giant. Mohsin, 53, will remain co-owner of the supermarket alongside private equity firm TDR Capital, but will relinquish his executive role in favour of retail veteran Stuart Rose. Younger brother Zuber, 52, had already headed for the exit, stepping down as co-chief executive in June and selling his stake to TDR Capital amid reports of a rift between the brothers.
That rift is believed to have emerged after Mohsin left his wife of 30 years for a glamorous high-flying accountant. Now, Lord Rose, who previously said he was 'embarrassed' by the grocer's recent performance, has taken the reigns from the brothers as he battles to boost the ailing retailers fortunes. It marks the end of a turbulent few years for Mohsin Zuber, who made their fortunes founding the petrol forecourt empire EG Group before taking over Asda from Walmart for £6.
8billion three years ago. The moment provided a high point of the pair's rags-to-riches story, which too.