Mohsin Issa, co-owner of Asda, has stepped down as CEO of petrol station chain EG Group in preparation for its initial public offering.
Issa, who co-founded the forecourt business with his brother Zuber, has been replaced by the company’s chief financial officer, Russell Colaco.
Issa’s departure from EG Group comes amid reports that the company is exploring a potential $13bn (£10.7bn) listing in New York, following the sale of 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.
“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 believed to be considering the sale of some of its European and Australian operations in an effort to reduce its debt load in preparation for its planned IPO.
The Issa brothers, in partnership with private equity firm TDR Capital, acquired Asda in 2020. In September, Mohsin Issa stepped back from the day-to-day management of Asda but continues to hold a 22.5% stake in the supermarket chain.
