ASDA/Morrisons - comment
The loss of a senior executive to Morrisons before he even started work at ASDA is not a good look. However, the relative stability of Morrisons is attractive relative to ASDA, which is looking for a CEO and is still implementing an IT systems switch, which has disrupted stock availability and customer experience. We do not see the problems at ASDA as severe, but we understand an individual’s caution with their career.