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.