Pepco CEO Andy Bond to step down due to health reasons

LONDON (Reuters) - Andy Bond, the chief executive of the owner of British discount retailer Poundland, is to step down because of health reasons at the end of March, less than a year after leading a 5 billion euros ($5.7 billion) flotation of the business.

Pepco Group, which also owns European discount retailer brands PEPCO and Dealz, said on Wednesday it has appointed Trevor Masters, currently group chief operating officer, to the role of interim CEO from March 31.

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.

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(Reporting by James Davey; Editing by Christian Schmollinger and Louise Heavens)