EG Group has announced that co-founder Mohsin Issa will step down as CEO and Russel Colaco, current CFO, has been appointed to fill the role. Issa will retain a substantial minority shareholding and remain on the board as a non-executive director of the business.
“Now is the natural time for me to step back from my day-to-day duties at EG as it embarks on the next stage of its journey,” said Issa. “Following the sale of the majority of the U.K. business to Asda, the Group is a very different company now. The U.S. market is now the largest region by sales and represents the biggest growth opportunity and where EG needs to have its lead executives based. I am incredibly proud of what the EG Group has achieved over the last two decades and I wish the team well and look forward to pursuing my other investment opportunities alongside my increasing focus on investing and mentoring young U.K. entrepreneurs as they build and scale their businesses.”
The move comes following the aforementioned sale of the majority of EG’s U.K. business in 2023 to Asda for a price of $2.8 billion. EG Group saw this as a transformational moment in its history, giving it the chance to further invest in the sites in its network.
Then in June 2024, the company divested the remainder of its U.K. forecourt business to co-founder Zuber Issa, who then stepped down as co-CEO, leaving his brother Mohsin as the sole CEO.
The Issa Legacy
Zuber and Mohsin co-founded EG Group in 2001 and under their leadership, the business grew from a single site in the north of England to a global company with more than 5,500 locations.
With a diversified portfolio across three continents — North America, Europe and Australia — EG Group has continued to progress its proven strategy to roll out foodservice, grocery and merchandise to create multi-purpose convenience retail sites across its international estate.
EG Group is the third-largest independent convenience retail chain globally, the fifth in the U.S. and second in Continental Europe and Australia.
Passing The Torch
Russell Colaco joined EG Group as CFO in June 2024 bringing extensive U.S. and international experience, both in the wider consumer retail sector and investment banking. Reflecting the growing importance of non-U.K. markets for the Group, Colaco will be primarily based in the U.S., EG Group’s single largest market.
“The board thanks Mohsin for his important contribution in founding and developing EG Group into the business it is today,” said Stuart Rose, chairman of EG Group. “He has worked tirelessly alongside his brother for over two decades to build an enterprise that has set new standards in the forecourt sector. We are grateful to Mohsin for his efforts and wish him all the best in his new endeavors. “We are pleased to be announcing the appointment of Russell as CEO of EG Group. He has been a strong addition since he joined the business last year and has made a significant impact. With his blend of financial and strategic experience, he is well placed to take on the role and to lead the business through its next stage of growth.”
“Over the past 12 months, EG Group has considerably strengthened its balance sheet and organically grown its earnings, benefiting from a resilient and diverse earnings mix,” said Colaco. “Our global scale, well-balanced estate, range of international and local speciality brands and attractive growth opportunities are compelling foundations that will underpin strong financial performance moving forward. I look forward to working closely with the management team as we continue to evolve and grow the business.”
The Group has noted that its search for a new CFO is well underway.
