The new owner of Woolworths' $1.7 billion fuel business has moved quickly to put its own stamp on the operation, appointing a former Caltex executive as CEO.
British-based EG Group, which completed the $1.7 billion acquisition of Woolworths fuel business on April 1, has appointed Mike McMenamin as chief executive of EG Australia following the resignation of former CEO James Goth two weeks ago.
It is understood Woolworths Petrol chief operating officer Angus Armstrong is also leaving, although that could not be confirmed Mr McMenamin's appointment was announced by EG Group co-founder and co-chief executive Mohsin Issa.
Mr McMenamin has been chief strategy and transformation officer at Woolworths fuel and convenience division since November after joining Woolworths two months earlier to assist with a demerger, sale or initial public offering of the business.
Before joining Woolworths, Mr McMenamin was managing director of advisory firm Delta Associates and an adviser at Bain & Co and Macquarie Group, according to his Linkedin profile.
Mr McMenamin moved into consulting after an 11-year career at Caltex, where he held several roles including executive general manager of strategy, planning and business development, and general manager of sales, marketing and distribution. Mr McMenamin said he was excited by the innovations EG Group would bring to the Australian market, but did not give details.
“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." Mr Goth, a former Boston Consulting Group partner, had been chief executive of Woolworths Petrol since July last year after joining the retailer in 2014 as director of corporate development.
“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," said Mr Issa. "On behalf of everybody involved with the transaction, I would like to thank James for his involvement in the process and for his stewardship during the pre-completion period."