Mohsin Issa, who co-founded EG Group, the international fuel stations, convenience retail, and foodservice group, is stepping down from his day to day duties as chief executive.
Like his brother Zuber Issa, with whom he set up the business in 2001 with a single petrol station, Mohsin remains a non-executive director with a substantial minority shareholding.
Zuber also quit as joint CEO last year, moving away from the operational side of EG Group last autumn after selling his shares in Asda to acquire its remaining 34 forecourts in the UK last year, and build his EG On The Move empire in the UK. Most of EG Group’s UK forecourts had already been sold to Asda in 2023, which both brothers had shares in at the time.
EG Group, co-owned by UK private equity firm TDR Capital and the brothers, has been exploring a listing in New York after offloading the majority of the UK business to Asda. The supermarket group is also owned by TDR Capital and Mohsin Issa.
With Zuber taking the remaining UK forecourt interests, EG Group was left with a diversified portfolio across three continents – North America, Europe and Australia.
Russell Colaco, currently EG Group chief financial officer, has been appointed chief executive, and a search for a replacement for his role is said to be “well-advanced”.
Colaco joined EG Group as CFO in June 2024 bringing extensive US and international experience in the consumer retail sector and investment banking. Reflecting the growing importance of non-UK markets for the group, Russell will be primarily based in the USA, EG Group’s single largest market.
Mohsin, who stepped down from running Asda last September, says that it is “the natural time” for him to hand the baton to Colaco, as the business “embarks on the next stage of its journey”, leaving him to concentrate on supporting the next generation of entrepreneurs.
He says that having sold most of the UK forecourt business to Asda in 2023, 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,” he says. ”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.”
Stuart Rose, chairman of EG Group, says: “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.”
Colaco adds: “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.”
Under the leadership of the Issa brothers, EG Group has grown to become one of the largest and most dynamic private businesses in the UK. It began as a single site in 2001 and is now an international independent convenience retailer, employing 38,000 colleagues across 5,500 sites in nine countries, serving almost 1 billion customers annually. Today, EG Group is the third-largest independent convenience retail chain globally, the fifth in the US, and second in Continental Europe and Australia.
