Blackburn-based petrol forecourt and convenience retail giant EG Group — owned by brothers Zuber and Mohsin Issa and private equity group TDR Capital — announced that co-founder Mohsin Issa will step down as CEO.

He will retain a “substantial minority shareholding” and remain on the EG Group board as a non-executive director.

Russell Colaco, who joined EG Group as CFO in June 2024, has been appointed CEO and a search for a new CFO is under way.

EG Group has been exploring an IPO in New York.

Mohsin 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 marrket is now the largest region by sales and represents the biggest growth opportunity and where EG needs to have its lead executives based.”

Asda is owned by Mohsin Issa and TDR Capital.