In a significant leadership change, retail industry stalwart Lord Stuart Rose has stepped down from his role as chairman of EG Group. The move comes as the Blackburn-based forecourt and convenience retail giant prepares for a potential $9bn listing on the New York Stock Exchange later this year.
A New Chairman for a New Chapter
Roland Smith, the current chairman of American fast-food chain Jack's, has taken over the chairmanship with immediate effect. This appointment is seen as a clear strategic move to align the company's leadership with its US ambitions ahead of the anticipated Initial Public Offering (IPO). Smith brings a wealth of relevant US experience, having previously served as chairman and chief executive of office supply giant Office Depot and as president & chief executive of Wendy's fast-food chain.
EG Group's chief executive, Russ Colaco, welcomed the appointment, stating that attracting an industry leader of Smith's calibre would strengthen the board as the company executes its growth strategy across its convenience retail, foodservice, and fuel offerings.
The Road to a $9bn New York Listing
The planned flotation, which could value EG Group at approximately $9bn, would mark the end of a quarter-century as a private enterprise. According to reports, the IPO could be completed by the end of 2026. Co-founder Zuber Issa told the Sunday Times last year that "the road map is starting now" for the public offering.
Despite its origins in the UK North West in 2001, the group is opting for a New York listing because the majority of its business operations are now based in the United States. Reports suggest the company may even float under the name Cumberland Farms, an American convenience-store chain it acquired in 2019, to better resonate with US investors.
A roster of top financial advisers, including Rothschild, Barclays, Goldman Sachs, JP Morgan, and Morgan Stanley, is expected to manage the float. The IPO is reportedly being planned to allow EG Group's private equity backer, TDR Capital, to exit its investment.
Lord Rose's Continued Role and Recent Commentary
Lord Rose, the former Marks & Spencer boss who assumed the EG Group chairmanship in 2021 while also chairing Asda, will not be leaving the company entirely. He will move into a non-executive director position on the board.
The Conservative peer, who became a life peer in 2014, made headlines recently for his stark criticism of the UK government's economic strategy. In a September interview with Times Radio, the City veteran warned that Britain was "at the edge of a crisis" and called for radical action to avoid finding itself in a "very difficult spot."
This leadership reshuffle at EG Group underscores a pivotal moment for one of the UK's most prominent private companies as it sets its sights on a transformative public listing across the Atlantic.
