EG Group, parent company of EG America, which operates over 1,500 convenience stores across the U.S., has named Russell Colaco as its new CEO, the company announced on Friday.

Colaco, who joined EG Group last summer as CFO, will replace co-founder Mohsin Issa, who is stepping down. Issa will remain on EG Group’s board as a non-executive director. EG Group has commenced its search for a new CFO.

Issa said that with the U.S. market now being the company’s largest region by sales and its biggest growth opportunity, it was imperative to have its top leader based in the U.S. According to his LikedIn bio, Colaco is based in New York City.

"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,” Issa said in the announcement.

Prior to joining EG Group, Colaco was CFO at poultry company Foster Farms, where he was responsible for all finance functions and was a strategic partner to the CEO, according to his company bio. He was also CFO for JBS Foods International and a corporate development officer at Campbell Soup.

Colaco also has “significant M&A experience,” following nine years at Morgan Stanley, where he provided financial and strategic advisory services to clients in the consumer and retail sector, according to his company bio.

In Friday’s announcement, Colaco said EG Group’s global scale, estate, specialty brands and growth opportunities are "compelling foundations” that will boost the company’s financial position moving forward.

“I look forward to working closely with the management team as we continue to evolve and grow the business,” he said.