Andy Bond, the chief executive of the owner of British discount retailer Poundland, is to step down because of health reasons at the end of March, less than a year after leading a €5 billion ($5.7 billion) flotation of the business.
Pepco Group, which also owns European discount retailer brands PEPCO and Dealz, said on Wednesday it has appointed Trevor Masters, currently group chief operating officer, to the role of interim CEO from 31 March 2022.
The board will immediately start a search process with external support and will evaluate internal and external candidates for the role of CEO.
Business Growth
In his ten years at Pepco, seven as CEO, Bond, 56, grew the business from 200 stores in a single country to over 3,500 in 19 countries.
The group listed on the Warsaw Stock Exchange in May 2021.
Prior to joining Pepco, Bond was the boss of UK supermarket group Asda.
"Every great journey must come to an end and it is with much reluctance that I have decided now is the right time to focus my energies on my health," said Bond.
He will remain an advisor to the Pepco board until the end of the financial year.
Pepco Group reported a 46% jump in its 2020/21 core profit, reflecting new store openings amid the easing of lockdown restrictions.
The group said its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) came in at €647 million in the year ended 30 September, in line with its forecast range of €640 million to €655 million.
News by Reuters, edited by ESM. For more Retail news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.
