Asda co-owner Mohsin Issa steps down as EG Group CEO

EG Group has announced that co-founder Mohsin Issa will step down as chief executive, with current group chief financial officer, Russell Colaco, taking over the role. 

Issa will, however, retain a “substantial” minority shareholding and remain on EG’s board as a non-executive director of the business. 

Colaco, who joined the group as CFO in June 2024, brings “extensive” US and international experience – both in the wider consumer retail sector and investment banking. He will primarily be based in the United States, EG’s single largest market. 

According to the group, the search for a new CFO is “well advanced” and the business will provide an update at the appropriate time. 

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 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. I look forward to working closely with the management team as we continue to evolve and grow the business.”

Stuart Rose, chairman of EG Group, 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.” 

EG Group’s underlying EBITDA increased 9% compared to 2023, according to the group’s unaudited 2024 results. The company has also made substantial progress on its deleveraging strategy, leading Moody’s to upgrade its business outlook from negative to stable.