Walmart-owned supermarket chain Asda's chief executive Andy Clarke is stepping down, the parent company confirmed on Monday (13 June). Asda, which has posted seven successive quarters of declining sales, has named Sean Clarke, head of Walmart's Chinese business as its new chief executive.

The incoming chief executive started his retail career at Asda in 2001, and has also held positions at Walmart's operations in Japan and Canada. His appointment surprised the market, after departing chief executive Andy Clarke named Roger Burnley, a Sainsbury's executive as his successor.

Asda said Burnley would now officiate as its new deputy chief executive and chief operating officer.

Clarke has been Asda's chief executive for six years in a tough UK groceries market. In May, the supermarket chain revealed a first quarter like-for-like sales decline of 5.7% in the face of what it described as "fierce competition". Sales at rivals Sainsbury's declined by 1.2% in this period, Tesco witnessed just a 1% fall while Sales at Morrisons declined by 2.1%.

Some good news is that a red wine sold at Asda for just £4.37 has been named the best in the world at the prestigious Decanter World Wine Awards 2016. The Chilean La Moneda Reserve Malbec beat over 16,000 other bottles to win the coveted Platinum Best in Show title.