EG Group's Mohsin Issa is stepping down as CEO, and Russell Colaco, previously CFO, will take his place. Issa said that after the sale of its U.K. business, the United States is EG’s largest region by sales, and the company needs its lead executives there.
In November, global retailer EG Group Ltd., the parent company of EG America LLC, completed the sale of its more than 550-unit U.K. convenience-store and gas station business, Asda, to co-founder Zuber Issa, Mohsin Issa’s bother, who stepped down as co-CEO, leaving Mohsin Issa as sole CEO at the time.
"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 Mohsin Issa in a Friday news release from the company. “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."
Colaco joined EG Group in June as CFO. Prior to EG, Colaco was CFO of Foster Farms, a poultry company based in Livingston, California, and vice president of corporate development at Camden County, New Jersey-based Campbell Soup Co., according to his LinkedIn profile.
As CEO of EG Group, he will be based in the United States. EG America is based in Westborough, Massachusetts.
Issa will remain a substantial minority shareholder and remain on the board.
- Moshin and Zuber Issa were among CSP's Power 20 Deal Makers in 2020.
"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 specialty 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."
EG Group’s search for a new CFO is “well advanced,” and it “will provide an update on the appointment at an appropriate time,” the company said.
"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."
- EG America is No. 6 on CSP’s 2025 Top 40 Update to the 2024 Top 202 ranking of U.S. c-store chains by store count. Watch for the full 2025 Top 202 ranking in the June issue of CSP magazine and in CSP Daily News.
Founded in 2001 by the Issa family, Blackburn, United Kingdom-based EG Group is a gasoline forecourt and retail convenience operator with more than 6,200 sites across the United Kingdom and Ireland, Europe, the United States and Australia. In 2018, EG Group established itself in the United States as EG America by acquiring Kroger’s 762-site c-store network, which included the Turkey Hill, Loaf 'N Jug, Kwik Shop, Tom Thumb and Quik Stop banners. It acquired TravelCenters of America’s Minit Mart convenience-store business in 2018. The portfolio included 225 c-stores. And in 2019, among other acquisitions, EG Group acquired Cumberland Farms and its nearly 660 c-stores in the Northeast and Florida.
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