Asda chief financial officer Judith McKenna is understood to have ruled herself out of the running for the top job at the retailer.
McKenna, who has been with the grocer since 1996, is held in high esteem by peers and was widely touted to be among the leading internal candidates.
However, a friend of McKenna, said: “Judith would be top of anyone’s list for a chief executive role but the timing is not right for her. She didn’t put herself forward as she’s happy in her current position.”
McKenna, who has two young children, is also thought to be well regarded at parent company Walmart. The friend said that in a few years’ time, McKenna could well step forward to lead the business and she remains “ambitious and happy at Asda”.
Bond will take up his role as Asda’s part-time chairman when a new chief executive is installed. Those in the frame include Asda chief operating officer Andy Clarke as well as a number of Walmart bosses.