Andy Bond

Source: Pepco Group

Bond has seen the group grow from 200 stores to over 3,500 in 19 countries 

Andy Bond, CEO of Poundland parent Pepco Group, is leaving after 10 years at the business and seven at the helm.

The former Asda chief executive will step down from the end of March for “health reasons”, Pepco Group said. Trevor Masters, currently chief operating officer, will step in as interim CEO as a search for a permanent replacement gets underway.

The group, based in Poland, has grown from 200 stores to over 3,500 in 19 countries under Bond’s guidance. He led the business, which owns Pepco clothing as well as Dealz, Poundland’s sister brand outside the UK, through its flotation on the Warsaw stock exchange last year, which set a market cap of £4.3bn and raised $1.1bn for owner Steinhoff.

He was Poundland executive chairman from 2016, when the group acquired the UK variety discounter, until 2017, when Barry Williams was appointed its MD.

Bond was behind the introduction of multi-priced Pep&Co clothing ranges to Poundland stores in 2017. It paved the way for the fashion ‘stores in stores’ to reach 400 larger Poundlands by November last year, nearly half its estate. It also laid groundwork for further departures from Poundland’s original single-price model in the core range, and familiarised shoppers with the ‘store in store’ concept that was used again to introduce frozen food in 2019.

“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.

“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.”

Masters joined the group in 2019 as the MD of Pepco and was appointed Pepco Group COO in 2021. He has 40 years’ experience in retail, including serving as CEO of Tesco International for seven.

Pepco Group chairman Richard Burrows said: “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.”