Wild replaces highly regarded Ian McLeod, who surprised the City in February with news he was quitting the group to run supermarket chain Coles in Australia.

Wild, who worked at Tesco for 18 years, joins from Asda parent Wal-Mart, where he was senior vice-president until January this year. He will take up his position on August 4.

Credit Suisse noted that Wild knows central European markets where Halfords is investing.

Halfords is one company that has benefited from the credit crunch because consumers have been fixing old cars and bikes rather than getting them replaced.