EG Group, whose owners Zuber and Mohsin Issa are in the process of buying Asda from Walmart, has appointed retail heavyweight Stuart Rose as its new chair.
Governance structures to be strengthened
Rose, a former executive chair of M&S, is currently chair of Ocado, but will step down from this role in May. He will take up the new position at EG Group immediately and will work to develop improved corporate governance structures appropriate for a business of EG’s scale. EG Group now operates over 6,000 sites in 10 countries and last October its auditor Deloitte stepped down because of concerns over the group’s governance and internal controls.
Rose to provide invaluable retail and consumer experience
Commenting on Rose’s appointment the 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.”
Inquiry into Asda acquisition continues
The Issa Brothers’ acquisition of Asda, in partnership with TDR Capital, is being investigated by the UK’s Competition and Markets Authority. It set a deadline for receiving comments from interested parties on the deal of December 22nd and will announce shortly whether it will conduct a Phase 2 (detailed investigation) to decide if the acquisition is compatible with the UK’s competition law.
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