President and Chief Executive of ASDA, Andy Bond, announced that he would step down from ASDA. The company under him has been Britain's second-biggest supermarket for the last 16 years.

For a smooth handover of responsibility to the next Chief Executive he would work as a part-time Chairman. The Wal-Mart-owned company was expected to disclose the name its next boss in a week's time.

Clearing all air for any misinterpretation of his decision, he said that it's his own decision and no complications are attached to it.

The decision has come right before an investor relations day scheduled on Thursday. Bond is expected to give an update of the company's affairs to city analysts and shareholders on the occasion.

In his statement Bond said, "My prime obligation is to find, recruit and develop another Chief Executive." He also added that he would take care of some other responsibility in Wal-Mart.

He indicated that this time the company might consider both external and internal candidates to assume the responsibility off his shoulder. Going by past events, Wal-Mart has a long tradition of internal recruitments for key positions.