Mohsin Issa has stepped down from his role as CEO of petrol station chain EG Group.
Issa, who co-founded EG Group in 2001, is stepping down from his day-to-day duties as chief executive of the business.
Issa will retain a “substantial minority shareholding” and will remain a non-executive director on the board.
EG Group confirmed Issa will be succeeded by group chief finance officer Russell Colaco.
The search for a new chief financial officer to replace Colaco is understood to be “well advanced”.
Issa said: “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 represents the biggest growth opportunity and where EG needs to have its lead executives based.
“I am incredibly proud of what the EG Group has achieved over the last two decades and I wish the team well and look forward to pursuing my other investment opportunities alongside my increasing focus on investing and mentoring young UK entrepreneurs as they build and scale their businesses.”
EG Group chair Stuart Rose added: “The board thanks Mohsin for his important contribution in founding and developing EG Group into the business it is today.
“He has worked tirelessly alongside his brother [Zuber Issa] for over two decades to build an enterprise that has set new standards in the forecourt sector. We are grateful to Mohsin for his efforts and wish him all the best in his new endeavours.”
The news comes after EG Group reported “strong trading” for the full year to December 31, 2024, as EBITDA rose 9% to $992m (£784m) thanks to growth in the US and Europe.
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