The chief executive of the parent company of Poundland has announced he is to quit the business due to health reasons later this year.
Andy Bond, a high street veteran and former chief of Asda, said he will leave Pepco at the end of March and remain an adviser to the board until the end of the financial year.
He quits after 10 years with the European retailer, which owns discounting stores under the Pepco, Poundland and Dealz brands across the continent, including seven as chief executive and launching the company on the Warsaw Stock Exchange last year.
The boss will be replaced by chief operating officer Trevor Masters, himself a former supermarket executive at Tesco where he headed up the international operation.
Finance chief Nick Wharton, formerly chief executive of Dunelm, has also returned full-time having taken time off in November for a medical procedure.
Mr 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.”
Chairman Richard Burrows added: “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.”
Prior to joining Pepco, Mr Bond worked for 16 years at Asda, including as chief executive and a short time as chairman during the period the supermarket was owned by US giant Walmart.
He took over at Pepco and helped oversee Poundland’s expansion in the UK, including introducing Pepco’s clothing range into stores and ending its previously strict single price point policy.