Rose departs EG ahead of US IPO

Former Marks and Spencer boss Stuart Rose has stepped down as chairman of EG Group ahead of the petrol forecourt giant’s planned $9bn flotation later this year.

He has been succeeded by Roland Smith, former chairman and chief executive of Office Depot OfficeMax, Inc, the world’s second-largest office supply chain, which has its headquarters in Florida.

Roland Smith is described as a highly experienced senior executive in the consumer industry and is currently chairman of Jack’s Family Restaurants, a chain of fast-food outlets in the southern United States, and a director of Tropical Smoothie Café, a franchise chain which operates across the US.

Former M&S chief executive Lord Rose will remain a member of EG Group’s board as a non-executive director to “provide continued strategic council to the business.”

The shake-up comes just days after it was revealed that formal plans for the New York flotation of EG Group – founded by Blackburn brothers Mohsin and Zuber Issa – are set to get underway.

EG Group, about 25 per cent of which is owned by each of the brothers, will hold a beauty parade of banks in London ahead of the $9bn (£6.7bn) US stock market listing, according to reports. The much-anticipated flotation is expected to take place this year.

EG Group, created in Blackburn by the billionaire brothers, has become one of the world's largest fuel retailing multinationals, expanding its foodservice offering and generating significant profits.

The company is roughly 50 per cent-owned by TDR Capital, the London-based private equity firm which also owns a controlling stake in Asda.

At the end of last year Lancashire Business Review reported that the group was poised to quit its Blackburn headquarters for America as part of its “continued transition to a US-managed organisation.”

As part of that transition its group headquarters will be relocated to Charlotte in North Carolina where key financial, legal and other corporate personnel will be based.

In parallel with that work, the group’s European Share Service Centre is also being moved down the A666 to Bolton.

Roland Smith’s CV includes senior executive positions at leading food-to-go and leisure operators, including roles as president and chief executive of Wendy’s International.

During his five-year term as chairman of EG Group, Lord Rose has played an important role in the group’s corporate activity, including the sale of EG UK to Asda in 2023, and its recent sale of EG Italy.

Those deals were part of a strategy to focus on core growth markets globally and deleverage its balance sheet.

He has also overseen a transformation in the croup’s corporate governance, updating its framework and systems, as well as overseeing the appointment of independent non-executive directors on the board. 

Russ Colaco, chief executive of EG Group, said: “Roland is a highly respected and experienced executive with deep consumer industry and boardroom experience.

“Attracting an industry leader of Roland’s calibre and expertise will strengthen our board as we execute on our growth strategy across convenience retail, foodservice and fuel offerings.

“I would like to thank Stuart for his significant contribution to EG Group over his five-year term as chairman, including putting in place the governance structures and strategic foundations for future success. We have all benefited from Stuart’s wisdom and counsel and look forward to that continuing in the future.”