EG Group, the new owner of Woolworths’ fuel business, has appointed a former Caltex executive as CEO.
According to the Australian Financial Review (AFR), Mike McMenamin will take over as CEO of EG Australia.
EG Group co-founder and co-CEO Mohsin Issa made the announcement on Thursday. The new appointment follows the immediate resignation of James Goth.
There are also unconfirmed reports that Chief Operating Officer Angus Armstrong is leaving too.
British-based EG Group completed the $1.7 billion acquisition of Woolworths fuel business on April 1.
About Mr McMenamin
According to AFR, Mr McMenamin has been Chief Strategy and Transformation Officer at Woolworths fuel and convenience division since November. He joined Woolworths two months earlier.
Before that, he spent 11 years at Caltex, followed by some years in advisory and consultancy roles.
“Our business in Australia has the potential for significant improvement,” he said. “With the team we already have in place, we start with a solid basis on which to build.”
Tribute to James Goth
James Goth had been chief executive of Woolworths Petrol since July last year after joining the retailer in 2014. Mohsin Issa paid tribute to him.
“James has been at the helm and has strategically led the Woolworths petrol business during its preparations for a potential IPO in 2018 and then through the subsequent sale process to EG Group,” he said.
“On behalf of everybody involved with the transaction, I’d like to thank James for his involvement in the process. And for his stewardship during the pre-completion period.”
Woolworths is returning proceeds from the sale of the fuel business to shareholders through a $1.7 billion off-market share buyback.
EG Group has partnerships with global brands such as ESSO, BP, Shell, Carrefour, SPAR, Starbucks, Burger King, KFC and Subway.
It claims to employ more than 30,000 people at 5,200 sites across Europe, the US and Australia.