Andy Bond, the chief executive of the owner of discount retailer Dealz, 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.
Interim CEO Appointed
Pepco Group, which also owns discount retailer brands PEPCO and Poundland, said on Wednesday it has appointed Trevor Masters, currently group chief operating officer, to the role of interim CEO from 31 March.
The board will immediately start a search process with external support and will evaluate internal and external candidates for the role of CEO.
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.
News by Reuters edited by Donna Ahern Checkout. For more Retail stories click here. Click subscribe to sign up for the Checkout print edition.