The EG Group has announced that Mohsin Issa is to step down as CEO.
Group CFO Russell Colaco has been appointed CEO, with a search for new CFO “well-advanced”.
In a comment, Issa said: “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. Following the sale of the majority of the UK business to Asda, the Group is a very different company now. The US 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 UK entrepreneurs as they build and scale their businesses.”
Colaco joined EG Group as CFO in June 2024 following experience in the wider consumer retail sector and investment banking. He will be primarily based in the United States, EG Group’s single largest market. EG Group currently employs 38,000 colleagues across 5,500 sites in nine countries, serving almost 1 billion customers annually.
CEO of EG Group, Russell Colaco, said: “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. 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.”
Chairman of EG Group, Stuart Rose, added: “The Board thanks Mohsin for his important contribution in founding and developing EG Group into the business it is today. 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 endeavours.
“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.”
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