Roland Smith, the current chairman of American fast-food chain Jack’s, replaces the retail industry veteran
Stuart Rose became a life peer in 2014(Image: Getty Images)
Stuart Rose has relinquished his position as chair of EG Group in advance of the forecourt operator’s planned flotation in New York later this year.
The retail industry stalwart and Conservative peer has been succeeded with immediate effect by Roland Smith, the current chairman of American fast-food chain Jack’s, in the strongest indication yet that the business is positioning itself to attract US investors ahead of the anticipated IPO. Smith previously served as chairman and chief executive of Office Depot, the world’s second-largest office supply chain, as well as president & chief executive of fast-food chain Wendy’s.
EG Group chief executive officer Russ Colaco said: “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.” .
Stuart Rose, the former M&S boss who assumed the EG Group chairmanship in 2021 whilst also chairing Asda, will move into a non-executive director position on the company’s board, EG said.
Blackburn-based EG Group is preparing to conclude a quarter of a century as a private enterprise with a New York Stock Exchange listing as early as this year that is anticipated to value the company at approximately $9bn, as reported by City AM.
Co-founder of EG Group and current non-executive, Zuber Issa, informed the Sunday Times last year that “the road map is starting now” on an IPO, with the float projected to complete by the end of 2026.
Despite its origins in the North West in 2001, the group is planning to float in New York, as the majority of its business operations are based in the States.
The company may float under the name Cumberland Farms, an American convenience-store operator it acquired in 2019, as reported by the Financial Times.
Rothschild, Barclays, Goldman Sachs, JP Morgan and Morgan Stanley are among the advisers expected to participate in the float, according to a 2024 report in Mergermarket.
The launch is reportedly being planned to allow EG Group’s private equity backer, TDR Capital, to make an exit.
In September, Stuart Rose slammed the government’s economic strategy, warning that the UK is “at the edge of a crisis.”
Speaking to Times Radio, the City veteran said: “I think we should all be worried about the state of Britain today. “.
“Now, I am absolutely an optimist in my life. I’ve been working for over half a century. And today, I sit here and I look at the state of the nation and I say to myself, I believe we’re genuinely at the edge of a crisis.
“If we don’t take some radical action and take notice of what’s going on, we’re going to find ourselves in a very difficult spot.”
