Fleet News

Asda execs ditch cars

ASDA chiefs have ditched company cars as an example to colleagues.

Chief executive Archie Norman, and three senior directors will forsake their cars for privately-funded vehicles ranging from a Cherokee Jeep to a Corvette sports car. Asda's 1996 annual report this week announced the move and revealed that on top of a pay package of more than £700,000, Norman made £3m from exercising share options.

The report stated: 'The executive directors have opted out of the car scheme as it is the company's medium-term objective to reduce the emphasis on company cars which carry a sense of status and hierarchy antipathetic to the corporate culture.' The four have access to a chauffeur-driven BMW in common with all Asda directors.

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