// EG Group welcomes ex-M&S CEO as new chairman
// EG Group has more than 6000 sites in 10 countries
// Last year, EG Group unveiled a deal to buy a majority stake in Asda
EG Group has hired the former chief executive of Marks & Spencer Lord Stuart Rose as new chairman with immediate effect.
The group, which is run by billionaire Issa brothers, has more than 6000 sites in 10 countries and is eyeing a potential IPO.
The brothers Mohsin and Zuber Issa said the new chair appointment comes as they look to move forward with their development plans.
- Asda’s billionaire brother owners sell stake in EG Group
- Issa brothers face fresh blow as Moody’s downgrades EG Group debt
Rose is currently the chairman of online grocer Ocado, a post from which he will retire in May.
He was the chief executive of Arcadia Group in November 2000 and left in December 2002 following the sale of the business.
He then joined M&S as chief executive in May 2004 and became chairman in 2008, stepping down in January 2011.
“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 said.
“The Issa brothers are great British entrepreneurs of enormous drive, vision and ambition. EG’s board has asked me to develop appropriate governance structures for a business of this scale.
“The business has exciting development plans and exceptional prospects in the years to come.”
Issa brothers said: “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 and TDR Capital’s deal to acquire Asda is currently being investigated by the competitions watchdog, who may demand the brothers offload some of their EG sites.