The retail group Pepco Group NV will have to do without its long-time CEO Andy Bond from next spring. Bond had informed the board of directors that he would be resigning from his post at the end of March for health reasons, the parent company of the retail chains Pepco, Dealz and Poundland said in a statement on Wednesday. He will remain with the company as a consultant until the end of the financial year.
At the same time, the group announced a provisional succession plan. Accordingly, the recently appointed Chief Operating Officer (COO) Trevor Masters, who also heads the discounter Pepco as Managing Director, will take on the role of interim CEO on March 31. He will be supported by the existing management team around Chief Financial Officer (CFO) Nick Wharton. The group also stated that the board of directors would immediately start looking for a new permanent CEO. He wants to use “external support” and examine both internal and external candidates.
Bond joined the Pepco Group ten years ago and headed the group as CEO for seven years. “He skilfully led the company through a phase of rapid growth from 200 stores in one country to 3,500 stores in 19 countries, which culminated in a float on the Warsaw Stock Exchange in May 2021,” said a statement. “Every great journey has to end once, and with some reluctance I have decided that the time is right to focus my energies on my health,” Bond said in a statement.
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