Leading convenience and fuel retailer EG Group has announced the appointment of Stuart Rose as its new non-executive chairman with immediate effect.
Currently serving as the chairman of online retailer Ocado, Rose previously worked as chief executive and executive chairman at Marks & Spencer.
“I am delighted to chair the Board of EG Group and I look forward to working with the Board and management, including fellow non-executive John Carey, in the next stage of the development of a world-class, global scale retail business,” Rose commented.
EG Group is jointly owned by the Issa brothers, Zuber and Mohsin, and by TDR Capital, a leading private equity firm. They have recently joined forces again to acquire Asda from Walmart.
“Stuart has an excellent record in business and we are delighted that he is joining us at this exciting time for EG Group. We have plans to create significant convenience and foodservice opportunities for our customers, and Stuart’s retail and consumer experience will provide invaluable insight and support,” the Issa brothers, co-founders and co-CEOs of EG Group, said in a joint statement.
Gary Lindsay, Partner at TDR Capital, added: “The recruitment of Stuart Rose is a clear signal of our ambition for EG Group and our commitment to continuous improvement.”
EG Group operates convenience stores, foodservice outlets and fuel stations at more than 6,000 sites across three continents. The group reported sales in excess of €20 billion (£17.8bn) for the year to December 2019 and adjusted EBITDA of €910m.
The Competition and Markets Authority is currently probing the takeover of Asda, and the regulatory approval is expected in the first half of this year.