Pepco Group, the variety discount retailer and owner of Poundland in the UK and the Pepco and Dealz brands in Europe, has announced that Andy Bond is stepping down as chief executive at the end of March due to health reasons.
Bond, who was previously chief executive of Asda, took the helm at Pepco Group in 2015 and has guided the business through a period of “extraordinary growth” from 200 stores in a single country to well over 3,500 in nineteen countries culminating in the float of the business on the Warsaw Stock Exchange in May 2021.
Pepco Group chief operating officer Trevor Masters will move into the role of interim chief executive from March 31, where he will be supported by the management team including Nick Wharton as chief financial officer, who has returned full-time to the business. In addition, Bond will remain an adviser to the board until the end of the financial year.
On stepping down, Bond said in a statement: “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.”
Richard Burrows, chairman of Pepco Group, added: “On behalf of the Board, let me thank Andy for his successful leadership of Pepco Group over the last decade. Pepco Group today is a testament to Andy and the team that has built the business so successfully and with significant potential for future growth. We are fortunate to have in Trevor a highly capable and experienced executive who will lead the business while we undertake a thorough succession planning process.”