11 July 2025 | By Abigail Thakadu

EG Group, a leading global fuel, convenience, and food-to-go retailer, has appointed Mark Segal as the company’s new Group Chief Financial Officer (CFO), effective immediately. Segal joins EG Group at a critical juncture following a series of executive changes and recent financial headwinds, including a dip in first-quarter profits.

A Seasoned Leader Joins EG Group

With more than 35 years of experience in international finance and operations, Mark Segal brings a depth of expertise to his new role. Reporting directly to Group CEO Russ Colaco, Segal will be instrumental in navigating EG Group through a transformative phase marked by market recalibration and evolving consumer dynamics.

Prior to joining EG Group, Segal held prominent leadership roles at Spin Master Corp., a global children’s entertainment company, where he played a central role in the company’s 2015 Initial Public Offering (IPO), and spent two decades helping shape its global finance strategy. His career also includes senior positions as Vice President of Finance & CFO at Husky Injection Moulding Systems, and Chief Operating Officer at Canada Goose, a high-profile Canadian outerwear manufacturer. In these roles, Segal was recognised for driving complex financial restructures and championing performance-enhancing initiatives across multiple sectors.

Building on a Legacy of Expansion and Innovation

EG Group, founded in 2001 by British entrepreneurs Zuber and Mohsin Issa, has grown rapidly to become one of the world’s largest independent fuel retailers with over 6,000 sites across Europe, North America, and Australia. The group supplies an estimated 23 million customers weekly and employs more than 50,000 people as of 2025. EG Group’s portfolio includes leading brands such as Cumberland Farms, Fastrac, and Esso, alongside franchise partnerships with Starbucks, Greggs, KFC, and Subway.

In recent years, EG Group has accelerated its focus on integrating foodservice into its convenience retail model, an area that remained robust in the last quarter despite macroeconomic challenges. According to the group’s most recent financial report, foodservice revenues posted solid growth figures, helping to offset declines in fuel margins and retail sales. However, the company’s Q1 2025 profits recorded a year-on-year decrease, prompting calls for renewed strategic oversight and efficiency drives.

Leadership Restructuring and Corporate Ambitions

The appointment of Mark Segal comes shortly after a significant reshuffling at the senior executive level. In April 2025, Mohsin Issa stepped down as EG Group Chief Executive to focus on his role as co-owner of Asda, the UK’s third-largest supermarket. Russ Colaco, the former CFO, was promoted to CEO, marking a new era for EG Group as it continues to expand its foodservice and retail footprint against a backdrop of shifting consumer behaviour and intensifying competition.

Announcing the appointment, CEO Russ Colaco stated, “I am delighted that Mark is joining us as our Chief Financial Officer. We have clear plans in place for growing the EG business, and I look forward to working with Mark to deliver on them.” Colaco’s statement signals a renewed commitment to financial discipline and growth as the company navigates ongoing market volatility, particularly in the convenience and food-to-go sectors.

Segal himself commented, “I look forward to working with Russ and the team to capture the significant growth opportunities EG is targeting. EG has been at the forefront of developing an innovative and customer-focused offering, and I believe that my extensive international experience in both public and private companies will help ensure that the finance function supports the growth strategy.”

Facing Profitability Challenges and Uncertain Markets

EG Group’s decision to bolster its executive team comes as the company responds to dynamic market conditions, including volatile fuel prices and evolving regulatory requirements in core territories. While the foodservice sector demonstrated resilience in Q1 2025, the broader retail environment has seen consumers shifting towards value-oriented shopping, with cost-of-living pressures in both the UK and the US impacting discretionary spend.

Despite these headwinds, EG Group continues to explore strategic options to unlock value. Industry analysts note that the group may pursue further asset optimisation – following the June 2023 sale of a share of its UK and Ireland forecourt business to Asda for £2.3 billion. Proceeds from the deal helped EG reduce its substantial debt burden and fund investments in digitalisation and store modernisation across its operations. Market observers expect that Segal’s stewardship will prioritise balance sheet strength and cashflow generation as the industry approaches a crucial inflection point.

The Way Forward for EG Group

As Segal assumes the CFO role, analysts and investors alike will be closely monitoring his impact on EG Group’s financial trajectory and growth agenda. His immediate priorities are expected to include optimising group-wide cost controls, accelerating the company’s transition towards a more diversified revenue model, and enhancing stakeholder confidence through transparent reporting and governance.

Industry experts also anticipate continued investment in technology, sustainability, and digital loyalty systems, as EG Group adapts to heightened ESG (Environmental, Social & Governance) expectations and the global shift towards electrification in the transport sector. The group’s partnerships with leading technology suppliers and quick-service restaurant brands remain a core component of its strategy to differentiate and drive customer traffic.

Conclusion

The appointment of Mark Segal as EG Group’s new CFO signals a clear intention to reinforce financial management and support the business’s long-term resilience. With a proven record in steering complex financial landscapes and fostering strategic expansion, Segal’s leadership will be pivotal as EG Group navigates ongoing industry disruption and seeks to solidify its position as a global leader in convenience and food retailing.