Asda co-founder Mohsin Issa steps down as EG Group CEO
Asda co-founder Mohsin Issa has stepped down as chief executive of petrol station chain EG Group ahead of its initial public offering.
Asda co-founder Mohsin Issa has stepped down as chief executive of petrol station chain EG Group ahead of its initial public offering.
Issa, who co-founded the forecourt business with his brother Zuber, has been succeeded by the company’s chief financial officer Russell Colaco.
It comes as EG Group has been considering a listing in New York worth around $13bn (£10.7bn) after offloading the majority of its UK petrol station business to Asda in 2023.
Issa, who will remain on the board as a non-executive director, said in a statement: “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.
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“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 where EG needs to have its lead executives based.”
EG Group is thought to have been exploring the sale of some of its European and Australian operations to help ease its debt burden ahead of its planned IPO.
The Issa brothers acquired Asda alongside private equity firm TDR Capital in 2020. In September, Mohsin stepped back from the running of Asda. He retains a 22.5% holding in the supermarket chain.
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