The co-owner of supermarket chain Asda, Mohin Issa, has stepped down from his role of co-chief executive at independent convenience retailer EG Group.

He will be replaced in his role by Russell Colaco, who currently works as the group’s chief financial officer.

Colaco joined EG Group in June 2023, bringing extensive US and international experience both in the wider consumer retail sector and investment banking.

EG Group said that he will be based in the US, the group’s single largest market, to reflect the growing importance of non-UK markets for the group.

The group added that it has begun searching for Colaco’s replacement and will announce updates in due course.

Asda, owned by Zuber Issa and his brother Mohsin, acquired EG Group for around £2.3 billion in 2023.

Zuber Issa stepped down as chief executive of EG Group in April 2024 and retained an ongoing role as non-executive director of the EG Group, providing ongoing support to the business.

EG group currently employs 50,000 people across 6,000 sites in ten markets, serving around1.3 million customers daily.

It is the third-largest independent convenience retailer globally, the fifth in the US, and second in continental Europe and Australia.

“We are pleased to be announcing the appointment of Russell as chief executive of EG Group, he has been a strong addition since he joined the business last year and made a significant impact,” said Tufan Erginbilgic, chairman of EG Group. “We are pleased to have someone of his experience and insight.

“He will receive the baton to take on the role and lead the business through its next stage of growth.”

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