The trading group Pepco Group NV will have to do without its previous CEO Trevor Masters in the future. Masters has decided to resign and will leave the company with immediate effect, the parent company of the retail chains Pepco, Poundland and Dealz announced on Tuesday.
No reasons were given for the move. Until the position is filled, Chairman of the Board of Directors Andy Bond will now lead the management team and manage the company’s business as Executive Chair. Bond had already been at the top of the group as CEO for a total of seven years until spring 2022.
At the same time, the retailer updated its earnings target for the fiscal year ending September 30. Earnings before interest, taxes, depreciation and amortization (EBITDA) are expected to be “slightly lower than previously expected,” the company explained, citing the fact that sales have recently developed weaker than planned. However, the group stuck to its goal of expanding the branch network by 550 locations within the current financial year.