Asda chairman Andy Bond has stepped down from his position just nine months into the role and will leave parent Walmart at the end of March after completing its acquisition of South African general merchandise retailer Massmart.

Bond, who stood down as Asda chief executive in April last year, took on the role of part-time chairman while also focusing on other opportunities, including investing and becoming a non-executive at online cycling retailer Wiggle.

Bond is expected to complete Walmart’s Massmart deal in March, and then pursue other avenues.

A spokesman said part of his chairman’s role was to ensure a smooth transition for new chief executive Andy Clarke, which was now complete.

Clarke thanked Bond for his contribution to the business over the past 16 years and added: “Asda is what it is today because of his leadership.”

Walmart international chief executive Doug McMillon said under Bond’s leadership Asda had “continued its legacy of one of the finest EDLP retailers in the UK and across the Walmart chain”.

He said: “He is a brilliant merchant, a strong leader and an effective manager and, most recently, has been and will continue to be instrumental in our efforts to acquire a majority stake in Massmart.”

Bond said it had been a “real privilege” to lead Asda and that “the business is in great hands as he [Clarke] builds on the foundation - new formats, our growing digital businesses and support from Walmart - we have all worked on together”.