Pepco CEO Andy Bond to step down for health reasons
Pan-European variety discount retailer Pepco Group is to lose its long-standing CEO Andy Bond due to health reasons. He will step down at the end of March, but will remain an advisor to the board until the end of the financial year.
Pepco owns chains including Pepco, Poundland and Dealz and also makes and sells the Pep&Co fashion line.
As a result of Bond’s move, the group has appointed Trevor Masters, currently group COO and MD of Pepco, to the role of interim CEO from 31 March as the search for Bond’s permanent replacement begins.
Masters “will be supported in this role by the talented management team including Nick Wharton, CFO, who has returned full-time to the business. The board will immediately commence a search process with external support and will evaluate internal and external candidates for the role of CEO”, it said Wednesday.
Bond’s departure after a 10-year career with Pepco, including seven years as CEO, comes at a time when the group is enjoying continued financial success while expanding fast across Europe
“He has skilfully guided the business through a period of extraordinary growth from 200 stores in a single country to well over 3,500 in 19 countries, culminating in the float of the business on the Warsaw Stock Exchange in May 2021”, it noted.
Bond said: “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. It has been wonderful to help the business and our many talented colleagues grow and provide customers with great value products that they need throughout Europe and the UK.
"As I step down, I do it in the knowledge that the business is in great shape with a clear growth strategy, a fantastic team and a strong board. I wish everyone well in the future.”
Pepco Group will publish its first quarter trading update on 13 January.
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